National Securities
National Securities Corporation was a US independent broker-dealer founded in Seattle in 1947 that offered retail brokerage, investment banking and small and mid-cap equity research; it closed in 2022 after B. Riley Financial acquired its parent, National Holdings.
Activity24M
No actions in the last 24 months.
Key figures
- Stocks covered
- 012M
- Actions
- 012M
- On record
- Jun 2012 – Feb 2021
Overview
National Securities published equity research alongside its investment banking, institutional sales and trading and retail brokerage businesses. Its investment banking targeted high-growth micro-, small- and mid-cap companies, and it made markets in micro- and small-cap Nasdaq stocks.
Founded in Seattle in 1947, National Securities went public in 1986 and later became the main broker-dealer of National Holdings Corporation (formerly Olympic Cascade Financial), with main offices in New York and Boca Raton. Fortress Biotech bought about 56% of National Holdings in 2016 and agreed in 2018 to sell the stake to B. Riley Financial, which bought the remaining shares in February 2021. In August 2022 the firm filed to terminate its FINRA registration and moved its 574 representatives into B. Riley Wealth Management.
Milestones
- 1947
Founded in Seattle
- 1986
Went public
- 2016
Fortress Biotech acquired about 56% of parent National Holdings
- 2018
Fortress agreed to sell its stake to B. Riley
- 2021
B. Riley completed acquisition of National Holdings
- 2022
Broker-dealer closed; representatives moved to B. Riley Wealth
Firm facts
- Legal name
- National Securities Corporation
- Type
- Boutique
- Founded
- 1947
- Headquarters
- New York, United States
- Parent
- National Holdings Corporation
- Also filed as
- National Securities Corporation
- Status
- RetiredSucceeded by B. Riley Securities
Research philosophy
It is our belief that quality companies in unfavored industries may offer substantial upside potential during the next industry group rotation.
In 2002, National Securities organized its institutional research ideas into four investment styles: enterprise value, growth, contrarian and special situations. Its growth approach targeted companies covered by fewer than four analysts. Enterprise-value screens considered debt alongside market capitalization to identify companies for a watchlist, followed by analyst site visits. By 2017, the firm emphasized valuation in selected sectors of the small- and mid-cap market.
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Feb 9, 2021 | OROramed Pharmaceuticals Inc.ORMP | Reiterate | Buy |
| Sep 23, 2020 | HRHorizon Technology Finance CorporationHRZN | Reiterate | Neutral |
| Aug 26, 2020 | ANThe Andersons, Inc.ANDE | Reiterate | Buy |
| Jun 16, 2020 | BAArrowMark Financial Corp.BANX | Reiterate | Buy |
| Jun 16, 2020 | BAArrowMark Financial Corp.BANX | Reiterate | Buy |
| Apr 15, 2020 | MGMGP Ingredients, Inc.MGPI | Reiterate | Buy |
| Mar 25, 2020 | MIMitek Systems, Inc.MITK | Upgrade | Neutral →Buy |
| Mar 25, 2020 | MIMitek Systems, Inc.MITK | Upgrade | Neutral →Buy |
| Mar 6, 2020 | NMNew Mountain Finance CorporationNMFC | Reiterate | Neutral |
| Mar 6, 2020 | OCOaktree Specialty Lending CorporationOCSL | Reiterate | Buy |
| Mar 3, 2020 | WHWhiteHorse Finance, Inc.WHF | Downgrade | Buy →Neutral |
| Mar 3, 2020 | WHWhiteHorse Finance, Inc.WHF | Downgrade | Buy →Neutral |