Janney Montgomery Scott
Janney Montgomery Scott LLC
Janney Montgomery Scott is a Philadelphia-based wealth management firm tracing its roots to 1832 and owned since 2024 by KKR-managed funds. Until January 2026 it also ran an institutional equity research group known for community bank and insurance coverage.
Company history
Janney traces its roots to 1832 and has held the second-oldest membership on the New York Stock Exchange. Penn Mutual Life Insurance acquired it in 1982, and it bought Atlanta bank-focused investment bank FIG Partners in 2019. KKR-managed funds acquired Janney from Penn Mutual in November 2024. It then exited capital markets, selling public finance, M&A advisory and fixed income to Huntington effective January 1, 2026, and equity research, institutional equities and depository and insurance banking to Brean Capital on January 30, 2026.
- 1832Firm's roots established in Philadelphia
- 1982Acquired by Penn Mutual Life Insurance
- 2019Acquires Atlanta bank-focused investment bank FIG Partners
- 2024KKR-managed funds acquire Janney from Penn Mutual
- 2026Sells equity research and institutional equities to Brean Capital
Research
Before the sale, Janney's research team covered more than 225 companies in financials, healthcare, infrastructure and real estate; coverage of more than 140 depository and insurance companies moved to Brean Capital. Ratings were Buy, Neutral and Sell relative to comparable companies in the sector, based on 6–12 month return potential; analysts discussed fair values rather than setting formal price targets.
Coverage12M
- Stocks
- 12
- Ratings
- 12
- Price targets
- 3
- Median upside
- −0.8%
- Upgrades
- 3
- Downgrades
- 6
- Initiations
- 0
- Reiterations
- 3
- Positive40%4
- Neutral60%6
- Negative0%0
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 AQNAlgonquin Power & Utilities Corp. | Buy | $7 |
 ESEversource Energy | Buy | $95 |
 FSLRFirst Solar, Inc. | Buy | $260 |
 MSEXMiddlesex Water Company | Buy | — |
 SARSaratoga Investment Corp. | Neutral | — |
 ARRARMOUR Residential REIT, Inc. | Buy | — |
 AVBHAvidbank Holdings, Inc. | Buy | — |
 BANRBanner Corporation | Buy | — |
 BPRNPrinceton Bancorp, Inc. | Buy | — |
 CBUCommunity Bank System, Inc. | Neutral | — |
Analysts24M
- Sean MilliganFSLR1
- Michael GauglerAQN1
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
 Landstar System, Inc.LSTR | Target | $182 | Jul 29 | |
 C.H. Robinson Worldwide, Inc.CHRW | Target | $155 | Jul 28 | |
| STS&T Bancorp, Inc.STBA | Upgrade | Neutral →Buy | Jan 26 | |
| Community Bank System, Inc.CBU | Downgrade | Buy →Neutral | Jan 13 | |
| Eversource EnergyES | Upgrade | Neutral →Buy | Nov 24, 2025 | |
| Algonquin Power & Utilities Corp.AQN | Upgrade | Neutral →Buy | $7 | Nov 10, 2025 |
| LCLendingClub CorporationLC | Reiterate | Neutral | Nov 6, 2025 | |
| ECEncore Capital Group, Inc.ECPG | Reiterate | Buy | Nov 6, 2025 | |
| GEGreat Elm Capital Corp.GECC | Reiterate | Neutral | Nov 6, 2025 | |
 Essential Utilities, Inc.WTRG | Downgrade | Buy →Neutral | Oct 27, 2025 | |
 Cherry Hill Mortgage Investment CorporationCHMI | Downgrade | Buy →Neutral | Oct 13, 2025 |
References
- Janney Montgomery Scott Sale Bolsters Penn Mutual's Extremely Strong Balance Sheet - Fitch Ratings (2024)fitchratings.com
- Janney Montgomery Scott to buy FIG Partners - American Banker (2019)americanbanker.com
- Brean Capital Completes Acquisition of Strategic Business Units from Janney Montgomery Scott (2026)newsroom.breancapital.com
- Janney Montgomery Scott LLC Statement of Financial Condition, June 30, 2026janney.com
- Janney Montgomery Scott Nears Deal to Sell Institutional Equities Business to Brean Capital - Integrity Research (2025)integrity-research.com
- Janney equity research report with ratings definitions (2024)s26.q4cdn.com