B. Riley Financial Releases First Quarter Earnings

B. Riley Financial Releases First Quarter Earnings

National Holdings added nearly 700 registered representatives and assets of roughly $20 billion in assets. B. Riley Financial now has a combined $31 billion in assets as of March 31 and nearly 900 representatives. During the quarter, B. Riley Financial completed the acquisition of New York-based National Holdings Corp., an investment banking and asset management firm which became a wholly owned subsidiary of B. Riley Financial and an affiliate of B. Riley Wealth Management.

The investment banking firm said the acquisition enhances wealth management and its capital markets business. For the quarter, B. Riley Financial reported investment gains of $266.9 million with cash and investments totaling about $1.9 billion.

In 2018, B. Riley Financial announced it was purchasing about 49% in National Holdings from Fortress Biotech Inc., which had acquired a 56% stake in the brokerage in 2016. B. Riley Financial also announced a quarterly dividend of $3 per share, which includes the regular 50 cent a share dividend and a special dividend of $2.50 per share. The dividend is payable on or about May 28 to common stockholders of record as of May 17.

The company also realigned its segment reporting structure as a result of the National Holdings acquisition. Under the new structure, results for wealth management are now reported as a standalone segment. Wealth management was previously reported in the Capital Markets segment. Tom Kelleher, co-chief executive officer of B. Riley Financial, said the addition of National Holdings “creates meaningful scale and distribution for our overall platform.”

For reprint and licensing requests for this article, CLICK HERE. B. Riley’s stock closed Monday at $71.59, up 30 cents. In after hours trading, the stock rose another $2.96, or 4.1%. 

Source labusinessjournal.com

News Highlights Business

  • B. Riley Financial Releases First Quarter Earnings
  • Check all news and articles from the Business news updates.
Disclaimer: If you need to update/edit/remove this news or article then please contact our support team.
For Latest Updates Follow us on Google News
Bollyinside - US Local News & Breaking News Stories
Compare items
  • Total (0)