Executives and other insiders at B. Riley Financial Inc. have signaled confidence in their business in the wake of the Silicon Valley Bank crisis, scooping up more than $2.6 million in stock in aggregate.
Amid pressure on banking names, six B. Riley
insiders made substantial stock purchases between March 10 and March 17, according to recent filings with the Securities and Exchange Commission. Shares of B. Riley, an investment bank, have lost about a quarter of their value since the close of trading on March 8, just before the extent of Silicon Valley Bank’s troubles became public.
Bryant Riley, the company’s co-chief executive, has been the biggest purchaser of his company’s stock in the past few days, spending $1.13 million to scoop up shares between March 15 and March 17. Riley, who is also company chair, bought 12,963 shares at an average price of $29.8714 on March 15 and followed that up with a purchase of 25,000 shares at a $29.8985 average price on March 17, filings show.
Riley had also purchased $770,073 worth of stock on March 7, before the SVB crisis fueled a selloff in banking shares.
Read: Charles Schwab CEO and other insiders scoop up nearly $7 million in stock amid selloff
Robert Antin, who sits on the company’s board of directors, was also an aggressive recent purchaser of B. Riley shares. He bought 3,000 shares at an average price of $31.97 on March 16 and purchased 15,000 more shares at an average price of $29.8659 on March 17. He paid $543,899 in aggregate across the two sessions.
Randall Paulson, another director, paid $453,650 for 15,000 shares in aggregate. He bought 5,000 shares at an average price of $30.9317 on March 15 before scooping up another 10,000 at a $29.8991 average price on March 17.
Tom Kelleher, the company’s co-CEO, on March 15 bought 3,000 shares held in his self-directed individual retirement account and 7,000 shares held in a trust by him and his wife. The average price was $31.1301 a share, making for a total purchase price of $311,301.
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Andy Moore, the CEO of B. Riley Securities, started things off with a March 10 purchase of 5,000 shares for a $33.2533 average price. He paid $166,267 for that batch of shares.
Company president Kenny Young also got in on the buying, paying $78,180 for 2,485 shares at a $31.46.09 average price on March 17.