Northern Trust Corp increased its stake in shares of B. Riley Financial Inc (NASDAQ:RILY) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,266 shares of the asset manager’s stock after purchasing an additional 2,920 shares during the quarter. Northern Trust Corp owned approximately 0.79% of B. Riley Financial worth $4,120,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its position in B. Riley Financial by 4.1% during the 1st quarter. Wells Fargo & Company MN now owns 87,501 shares of the asset manager’s stock worth $1,706,000 after purchasing an additional 3,437 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in B. Riley Financial by 15.3% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 37,710 shares of the asset manager’s stock worth $683,000 after purchasing an additional 5,004 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in B. Riley Financial by 26.1% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 48,302 shares of the asset manager’s stock worth $942,000 after purchasing an additional 10,000 shares in the last quarter. MetLife Investment Advisors LLC acquired a new position in B. Riley Financial during the 4th quarter worth approximately $192,000. Finally, BlackRock Inc. increased its position in B. Riley Financial by 1.0% during the 4th quarter. BlackRock Inc. now owns 1,181,045 shares of the asset manager’s stock worth $21,377,000 after purchasing an additional 11,584 shares in the last quarter. Institutional investors and hedge funds own 46.84% of the company’s stock.
Separately, BidaskClub upgraded shares of B. Riley Financial from a “hold” rating to a “buy” rating in a research report on Tuesday, April 24th.
B. Riley Financial (NASDAQ:RILY) last released its quarterly earnings data on Monday, May 7th. The asset manager reported $0.24 earnings per share (EPS) for the quarter. The business had revenue of $95.78 million during the quarter. B. Riley Financial had a net margin of 0.56% and a return on equity of 12.71%.
B. Riley Financial declared that its board has initiated a share buyback program on Monday, March 19th that authorizes the company to buyback $17.30 million in shares. This buyback authorization authorizes the asset manager to repurchase shares of its stock through a private placement purchase. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
B. Riley Financial Company Profile
B. Riley Financial, Inc provides financial services and solutions in North America, Australia, and Europe. The company operates in four segments: Capital Markets, Auction and Liquidation, Valuation and Appraisal, and Principal Investments – United Online. It offers investment banking services, including merger and acquisitions, restructuring advisory, initial and secondary public offerings, and institutional private placements; and corporate finance, research, securities lending, wealth management, and sales and trading services to corporate, institutional, and high net worth clients.
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