UPDATE: Lazard Reports Downbeat Q4 Profit, Lifts Dividend

Lazard Ltd (NYSE: LAZ) reported a weaker-than-expected fourth-quarter profit, but the bank lifted its quarterly dividend.

Lazard's quarterly adjusted net income dropped to $1 million, or $0.01 per share, from 104 million, or $0.76 per share, in the year-ago period. However, analysts were expecting earnings of $0.37 per share.

Lazard's operating revenue dropped 23% to $469 million. Its financial advisory fees declined 26% to $260 million.

Lazard lifted its quarterly dividend by 25% to $0.20 per share.

Lazard shares gained 0.42% to close at $28.89 on Friday.