Citizens
Citizens Financial Group, based in Providence, publishes equity research through its broker-dealer, Citizens JMP Securities. The research business originated at San Francisco investment bank JMP Securities and operates under the Citizens Capital Markets & Advisory brand.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 33012M
- Actions
- 71212M
- Ratings / Price targets
- 712 / 0
- Upgrades / Downgrades
- 36 / 43
- Buy-rated
- 83%of 330 rated
- On record
- Feb 2025 – Sep 2026
Overview
As of 2026, Citizens covers more than 400 public companies for US institutional clients across seven industries: technology, healthcare, financial services, real estate, consumer, industrials and digital infrastructure. The capital markets business is part of its commercial bank and uses sector research to support its services. When agreeing to acquire JMP in 2021, Citizens said the business fit its sector-focused approach to corporate banking. In February 2026, its head of commercial banking said JMP's research on direct lenders had helped the bank identify new opportunities to earn fees from those companies.
Citizens traces its origins to High Street Bank, founded in Providence in 1828. Royal Bank of Scotland owned it from 1988 until a 2014 New York Stock Exchange IPO and full separation in 2015. In November 2021 Citizens acquired JMP Group, a San Francisco investment bank founded in 1999 by former Montgomery Securities professionals, for about $149 million; JMP Securities became Citizens JMP Securities.
Milestones
- 1828
High Street Bank founded in Providence, Rhode Island
- 1988
Acquired by Royal Bank of Scotland
- 1999
JMP founded in San Francisco
- 2014
Citizens Financial Group lists on the NYSE
- 2015
Fully separated from Royal Bank of Scotland
- 2021
Acquires JMP Group for about $149 million
Firm facts
- Legal name
- Citizens JMP Securities, LLC
- Type
- Full-service
- Founded
- 1828
- Headquarters
- Providence, United States
- Parent
- Citizens Financial Group
- Listing
- NYSE: CFG
- Chief Executive Officer, Citizens JMP Securities
- Mark Lehmann
- Head of Research, Citizens JMP Securities
- Jeffrey Spurr
- Rating scale
- Market OutperformMarket PerformMarket Underperform12 months
- Also filed as
- Citizens Capital Markets
- Website
- citizensbank.com
Research philosophy
Our equity research platform produces deep sector insights and differentiated investment recommendations for US institutional clients.
Rating methodology
The firm has used JMP's Market Outperform, Market Perform and Market Underperform labels. Its online disclosures describe Buy, Neutral and Sell categories based on expected 12-month total return, including dividends: Buy indicates a gain of at least 10%, while Sell indicates a loss of at least 10%.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Amazon.com, Inc.AMZN | Market Outperform | — |
 Flutter Entertainment plcFLUT | Market Outperform | — |
 Robinhood Markets, Inc.HOOD | Market Outperform | — |
 Mirum Pharmaceuticals, Inc.MIRM | Market Outperform | — |
 Salesforce, Inc.CRM | Market Outperform | — |
 Crinetics Pharmaceuticals, Inc.CRNX | Market Outperform | — |
 DraftKings Inc.DKNG | Market Outperform | — |
 Alphabet Inc.GOOGL | Market Outperform | — |
 Hamilton Insurance Group, Ltd.HG | Market Outperform | — |
 Roku, Inc.ROKU | Market Perform | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 22 | RSRush Street Interactive, Inc.RSI | Reiterate | Market Outperform |
| Sep 22 |  Paramount Skydance Corporation Class B Common StockPSKY | Reiterate | Market Outperform |
| Sep 22 | QNQuince Therapeutics, Inc.QNCX | Upgrade | Market Perform →Market Outperform |
| Sep 21 | XMXometry, Inc.XMTR | Reiterate | Market Outperform |
| Sep 21 | CXSprinklr, Inc.CXM | Reiterate | Market Outperform |
| Sep 18 |  Airbnb, Inc.ABNB | Reiterate | Market Outperform |
| Sep 18 | Salesforce, Inc.CRM | Reiterate | Market Outperform |
| Sep 17 |  J.B. Hunt Transport Services, Inc.JBHT | Upgrade | Market Perform →Market Outperform |
| Sep 17 | LELennar CorporationLEN | Reiterate | Market Perform |
| Sep 16 | AFAffirm Holdings, Inc.AFRM | Reiterate | Market Outperform |
| Sep 16 | NUNuvation Bio Inc.NUVB | Reiterate | Market Outperform |
| Sep 15 |  Enova International, Inc.ENVA | Reiterate | Market Outperform |