=Lazard (LAZ) reported earnings on Thur 21 Apr 2016 (b/o)

Lazard misses by $0.15, misses on revs; raises dividend 9%; increases buyback to $300 mln :

• Reports Q1 (Mar) earnings of $0.50 per share, excluding non-recurring items,$0.15 worse than the Capital IQ Consensus of $0.65; revenues fell 12.9% year/year to $506 mln vs the $552.31 mln Capital IQ Consensus. 
• First-quarter Financial Advisory operating revenue of $266 million, down 12% from first-quarter 2015. First-quarter M&A and Other Advisory operating revenue of $215 million, down 18% from first-quarter 2015. First-quarter Asset Management operating revenue of $240 million, down 12% from first-quarter 2015; first-quarter management fees of $226 million, down 6% from fourth-quarter 2015.
• Increasing quarterly dividend 9% to $0.38 per share, and share repurchase authorization to $300 million