Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Moelis & Company (MC) Stock Up on Special Dividend Announcement

By Zacks Investment ResearchStock MarketsDec 08, 2020 06:38AM ET
www.investing.com/analysis/moelis--company-mc-stock-up-on-special-dividend-announcement-200547187
Moelis & Company (MC) Stock Up on Special Dividend Announcement
By Zacks Investment Research   |  Dec 08, 2020 06:38AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Shares of Moelis (NYSE:MC) & Company MC rallied 3.8% in the aftermarket trading following the announcement of a special dividend. The dividend of $2 per share will be paid out on Dec 29 to shareholders on record as of Dec 18.

Ken Moelis, Chairman and CEO of Moelis & Company said, “As a result of the strong momentum and positive outlook in our business, we declared a special dividend of $2.00 per share today. We remain committed to returning all of our excess cash to shareholders.”

Earlier in February, Moelis & Company had announced a special dividend of 75 cents per share. In fact, the company has been paying special dividends even before it started paying quarterly dividend from October 2014.

Also, Moelis & Company has been increasing quarterly dividend annually since 2015, with the last hike announced in February 2020 to 51 cents per share. Here it is worth mentioning that the company slashed it by 50% in April in order to preserve liquidity amid coronavirus pandemic. Nevertheless, the company has since increased the same by 50% to 38.25 cents per share in October.

Based on last day’s closing price of $42.83, the company’s dividend yield currently stands at 3.57%. This yield is not only attractive for income investors but also represents a steady income stream.

Further, Moelis & Company has a share repurchase plan in place. As of Sep 30, 2020, the company had $80.9 million left under share buyback plan, which was announced in February 2019.

As the company’s debt balance is immaterial and balance sheet position remains strong, its enhanced capital deployment actions look sustainable and will continue to enhance shareholder value.

Shares of Moelis & Company have rallied 34.2% so far this year, outperforming the industry’s 14.5% gain.



Currently, Moelis & Company carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Finance Stocks That Took Similar Action

Over the past month, few other finance companies have undertaken efforts to reward shareholders by announcing special dividend. Some of these are Waterstone Financial (NASDAQ:WSBF) WSBF, Eaton Vance (NYSE:EV) EV and Fulton Financial (NASDAQ:FULT) Corporation FULT.

Waterstone Financial announced a special dividend of 30 cents per share, which will be paid out today to shareholders on record as of Dec 1. For Eaton (NYSE:ETN) Vance, a special dividend of $4.25 per share was announced, which is to be paid out on Dec 18 to shareholders of record on Dec 4. Fulton Financial’s special dividend of 4 cents per share will be paid on Dec 17 to shareholders on record as of Dec 7.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft (NASDAQ:MSFT) in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Fulton Financial Corporation (FULT): Free Stock Analysis Report

Moelis & Company (MC): Free Stock Analysis Report

Eaton Vance Corporation (EV): Free Stock Analysis Report

Waterstone Financial, Inc. (WSBF): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research
Moelis & Company (MC) Stock Up on Special Dividend Announcement
 

Related Articles

Moelis & Company (MC) Stock Up on Special Dividend Announcement

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email