Banking institutions made up most of Forbes’ Financial All-Stars list, and major banks like JP Morgan and Wells Fargo were noticeably absent.
- Nearly half of the 50 companies selected for the All-Star list were banking companies, though giants like JP Morgan, Bank of America, and Wells Fargo were absent from the list.
- Regional banks such as Cullen/Frost Bankers and Puerto Rico’s OFG Bancorp appeared on the list.
- Large banks are likely absent due to slower capital market activity this year.
- Asset management firm Blackstone made the list with nearly $1 trillion in assets. Fellow management company Ares Management also made the list with the best risk-adjusted return and total return of any companies listed.
- Visa, Mastercard, and American Express had the highest market capitalizations.
Why it’s news
Though high interest rates last year resulted in a disappointing stock market, many financial institutions found success, with some even achieving record-high values.
Though Forbes’ list focuses on companies with impressive five-year performances, KBW analysts who compiled the list predict that the insurance sector will grow in 2023. While insurance provider Allstate did not make this year’s list, analysts expect it to make an impressive performance this year.
Commercial real estate and business development firms were lower on the list this year due to high interest rates and wavering activity levels over the last several years. KBW analysts expect property and casualty insurance and payments businesses to continue performing well.
Here are Forbes’ top 10 all-stars ranked by market capitalization. . .
Visa $463.6 billion
Mastercard $367.65 billion
American Express $117.14 billion
Blackstone $106.57 billion
Progressive $79.26 billion
Munich Re $51.03 billion
Deutsche Boerse $33.66 billion
D.R. Horton $32.9 billion
NASDAQ $28.64 billion
Lennar $28.24 billion