Citizens JMP
Citizens JMP Securities is the institutional broker-dealer of Citizens Financial Group and the successor to San Francisco investment bank JMP Group. It publishes equity research under the Citizens Capital Markets & Advisory brand, with particular expertise in technology, healthcare, financial services and real estate.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 112M
- Actions
- 112M
- Ratings / Price targets
- 1 / 0
- Upgrades / Downgrades
- 0 / 1
- Buy-rated
- 0%of 1 rated
- On record
- Apr 2025 – Jan 2026
Overview
Citizens JMP's research team covered 485 companies as of 2026 across technology, healthcare, financial services, real estate, consumer, industrials and digital infrastructure.
Joseph Jolson and partners founded JMP in San Francisco in 1999, focusing on healthcare, technology, financial services and real estate; JMP Group listed on the NYSE in 2007. Citizens Financial Group agreed to buy it for about $149 million in cash in September 2021 and closed the deal on 15 November 2021. The broker-dealer, JMP Securities LLC, was renamed Citizens JMP Securities, LLC in 2023.
Milestones
- 1999
JMP founded in San Francisco by Joseph Jolson and partners
- 2007
JMP Group listed on the New York Stock Exchange
- 2021
Acquired by Citizens Financial Group for about $149 million
- 2023
Broker-dealer renamed Citizens JMP Securities, LLC
Firm facts
- Legal name
- Citizens JMP Securities, LLC
- Type
- Full-service
- Founded
- 1999
- Headquarters
- San Francisco, United States
- Parent
- Citizens Financial Group
- Listing
- NYSE: CFG
- Rating scale
- Market OutperformMarket PerformMarket Underperform12 months
- Predecessors
- JMP Securities
- Website
- citizensbank.com
Research philosophy
A commitment to fundamental research forms the foundation of Citizens JMP.
In 2024, Citizens JMP said its analysts aim to anticipate both long-term structural shifts and cyclical changes in markets and industries, producing recommendations that offer a distinct perspective. In January 2026, Mark Lehmann, a vice chair of Citizens' commercial bank, described the team's detailed focus on specific areas within growth sectors. Firm policy prohibits investment banking and sales staff from supervising research analysts and requires a final report explaining any decision to discontinue coverage.
Rating methodology
A November 2025 report defines Market Outperform, Market Perform and Market Underperform relative to the Russell 3000 Index over 12 months. The firm's online disclosures separately describe Buy, Neutral and Sell categories based on expected 12-month total return, with Buy indicating a gain of at least 10% and Sell a loss of at least 10%.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| PRProAssurance CorporationPRA | Mkt Perform | — |
 PRA Group, Inc.PRAA | Mkt Perform | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Jan 28 | PRA Group, Inc.PRAA | Downgrade | Mkt Outperform →Mkt Perform |
| Apr 3, 2025 | PRProAssurance CorporationPRA | Downgrade | Mkt Outperform →Mkt Perform |