Stephens Inc.

Founded in 1933 by Witt Stephens, Stephens began as an Arkansas bond firm and remains headquartered in Little Rock. It is privately held by the Stephens family and operates as part of a broader group of financial-services businesses.

Stephens provides investment banking, equity and debt capital markets, institutional equity sales and trading, research, wealth and asset management, public finance, insurance, private capital, and family-office services. Its investment bank advises public, private, family-owned, and sponsor-backed businesses across M&A and capital raising.

The firm is especially notable for its small- and mid-cap equity research platform, with sector coverage spanning consumer, energy, healthcare, financial services, industrials, and technology. Its culture emphasizes long-term client relationships, independence, and relatively senior-led coverage rather than a transaction-only model.