JMP Securities
JMP Securities was a San Francisco investment bank and institutional broker focused on healthcare, technology, financial services and real estate. Citizens Financial Group acquired it in 2021, and the broker-dealer now operates as Citizens JMP Securities, LLC.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 11812M
- Actions
- 16812M
- Ratings / Price targets
- 68 / 100
- Upgrades / Downgrades
- 7 / 2
- Buy-rated
- 97%of 65 rated
- Median upside
- +37.3%
- Targets raised / lowered
- 41 / 14
- On record
- May 2012 – Dec 2025
Overview
JMP built its research franchise around growth sectors—healthcare, technology, financial services and real estate—and had 37 research professionals covering 279 companies at the end of 2006. Its 2007 IPO prospectus cast the retreat of consolidated investment banks from small and midsized companies as its opportunity and said it typically entered a new sub-sector by hiring a senior research analyst before adding sector-focused bankers.
Former Montgomery Securities professionals Joseph Jolson, Carter Mack and Jerry Tuttle founded the firm in San Francisco in April 1999 as Jolson Merchant Partners; the holding company became JMP Group in 2004 and listed on the NYSE in May 2007. Citizens Financial Group bought JMP Group for about $149 million in cash, closing on 15 November 2021. In August 2023 JMP Securities LLC was renamed Citizens JMP Securities, LLC.
Milestones
- 1999
Founded in San Francisco as Jolson Merchant Partners
- 2004
Holding company renamed JMP Group
- 2007
IPO on the New York Stock Exchange as JMP
- 2021
Acquired by Citizens Financial Group
- 2023
Broker-dealer renamed Citizens JMP Securities, LLC
Firm facts
- Legal name
- JMP Securities LLC
- Type
- Boutique
- Founded
- 1999
- Headquarters
- San Francisco, United States
- Parent
- Citizens Financial Group
- Listing
- NYSE: CFG
- Rating scale
- Market OutperformMarket PerformMarket Underperform12 months
- Status
- RetiredSucceeded by Citizens JMP
Research philosophy
Rather than commit our resources to maintenance marketing and reactive research, we emphasize proactive and proprietary research.
JMP said its analysts aimed to be recognized as experts in their industries, drawing on proprietary industry and corporate sources and analysis of secular trends to find growth companies ahead of competitors.
Rating methodology
It rated stocks Market Outperform, Market Perform or Market Underperform relative to relevant market indices over 12 months. Citizens JMP keeps the same scale, benchmarked to the Russell 3000 Index.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Alphabet Inc.GOOGL | Market Outperform | $290 |
 Amazon.com, Inc.AMZN | Market Outperform | $300 |
 Flutter Entertainment plcFLUT | Market Outperform | $340 |
 Reddit, Inc.RDDT | Market Outperform | $300 |
 Snowflake Inc.SNOW | Market Outperform | $325 |
 Roku, Inc.ROKU | Market Outperform | — |
 Caesars Entertainment, Inc.CZR | Market Outperform | $37 |
 Dave Inc.DAVE | Market Outperform | $310 |
 DraftKings Inc.DKNG | Market Outperform | $51 |
 Robinhood Markets, Inc.HOOD | Market Outperform | $170 |
Most active analysts
- Andrew Boone12 notesSNAPRDDTGOOGL
- Devin Ryan12 notesDAVECOINCG
- Jordan Bender11 notesCNTYCZRGDEN
- Matthew Carletti10 notesSKWDFIHLBOW
- Patrick Walravens8 notesSNOWORCLFRSH
- Constantine Davides7 notesOPCHADUSAMN
Recent actions
| Date | Stock | Rating action | Target | Analyst |
|---|---|---|---|---|
| Dec 9, 2025 | GLGalaxy DigitalGLXY | Target | $60 | |
| Dec 8, 2025 | TRTrinity Capital Inc.TRIN | Target | $17.50 | |
| Dec 8, 2025 | OTBlue Owl Technology Finance Corp.OTF | Target | $17 | |
| Dec 8, 2025 | MAMain Street Capital CorporationMAIN | Target | $70 | Brian McKenna |
| Dec 5, 2025 |  SentinelOne, Inc.S | Target | $33 →$23 | Trevor Walsh |
| Dec 5, 2025 |  Accel Entertainment, Inc.ACEL | Target | $13 | Jordan Bender |
| Dec 4, 2025 | CCCross Country Healthcare, Inc.CCRN | Target | $11 | Constantine Davides |
| Dec 4, 2025 | SKSkyward Specialty Insurance Group, Inc.SKWD | Target | $75 →$80 | Matthew Carletti |
| Dec 4, 2025 | HQHealthEquity, Inc.HQY | Target | $101 →$122 | |
| Dec 4, 2025 | ARAccelerant HoldingsARX | Target | $20 | |
| Dec 3, 2025 | PBPitney Bowes Inc.PBI | Target | $13 | |
| Dec 3, 2025 | ZYZymeworks Inc.ZYME | Target | $32 |