During the quarter, there were no share repurchases or dividend payments. However, we have had activity on both fronts subsequent to quarter end. In the quarter, we declared a semiannual dividend of $0.25 per share, representing a total of $10.1 million. which was paid in the first week of October. Over the last 18 months, we have returned approximately $83 million to shareholders in the form of declared dividends. Additionally, since the end of the quarter, through the end of October, we repurchased approximately 161,000 shares of common stock at an average price of $27.92 per share for a total of $4.5 million. Year-to-date, this brings total shares repurchased to nearly $1.3 million at an average price of $30.89 per share for a total of $39.4 million.
Since initiating the program last August, we have repurchased more than 2.1 million shares for more than $68 million and have approximately $72 million remaining on the current repurchase authorization. We remain committed to our multipronged capital allocation strategy, while at the same time, ensuring that we maintain an appropriate level of liquidity to manage through the current business cycle. We continue to invest in technology and the recruitment and retention of top talent as well as way strategic acquisitions, thus positioning ourselves for the eventual recovery and leveraging the business for long-term growth. As Hessam mentioned, after the end of the quarter, we made minority investments in two separate innovative PropTech companies.
Looking forward, we expect current market trends to continue. Given these dynamics, the outlook for the fourth quarter is a continuation of transactional levels consistent with the third quarter, although this week’s Fed pause may spur some additional activity. Cost of services as a percentage of revenue for the fourth quarter should follow the usual pattern of increasing sequentially. The G&A for the quarter should increase modestly over Q3 in absolute dollars and be well below Q4 of last year. And as I mentioned, the full-year tax rate is currently expected to be in the 17% range. We remain committed to fostering client trust, actively pursuing strategic growth opportunities, and driving operational excellence through best practices with our entire team.
The investments we have made and continue to make will position us to capture growth as market conditions inevitably improve. With that, operator, we can now open up the call for Q&A.
Operator: [Operator Instructions]. Our first questions come from the line of Blaine Heck with Wells Fargo. Please proceed with your questions.
Blaine Heck : Good morning, guys. Hessam, you all have a somewhat unique concentration in your business model where the transaction brokerage and financing businesses drive the vast majority of your total revenue relative to some of your competitors who have more diversification across revenue streams with other services like leasing and asset management. Clearly, there are times in which your structure is advantageous and levered to more healthy transactional markets, but does the slow [ph] market like this give you any desire to potentially diversify that revenue stream and get into some of those arguably more stable services? I know you mentioned making some investments in PropTech companies that might provide some of those services. But is there any desire to have some of those services in-house?
Hessam Nadji : Good morning, Blaine. Absolutely. And that desire has been there during the stronger macro environment trend as well as the current market conditions that we’re facing. So, it’s not really unique to a reaction to the challenging market that we face today. It’s been part of the company’s long-term strategy for some time. And most of our exploration in terms of M&A outside of the brokerage world has been focused on those types of services and those types of complementary services that bring value to our existing sales force and our existing clients. So, part of the criteria we’ve used in exploring those have to do with synergies and additional service lines that would benefit our product clients as well as middle market and institutional clients.
