Moelis & Co., the merger-advisory firm that went public last year, raised its quarterly dividend 50 percent to 30 cents a share as it reported a profit for the second quarter.
The dividend will be paid on Sept. 8 to common shareholders as of Aug. 24, the New York-based company said in a statement Wednesday.
“We remain confident that the strength of our franchise, capital-light business model and focus on cost discipline will deliver consistent strong cash flow, which we are committed to returning to our shareholders,” Chief Executive Officer Ken Moelis said in the statement.
Second-quarter net income was $26.9 million, or 34 cents a share, compared with a loss a year earlier of $60.6 million, or $1.25, Moelis said. Profit excluding certain items was 37 cents a share, beating the 32-cent average estimate of 9 analysts surveyed by Bloomberg.
The firm’s shares declined less than 1 percent to $27.89 at the close of trading in New York, and have tumbled 20 percent this year.
“The market seems to have adjusted and we feel like we’re back on track,” Ken Moelis said on a conference call.