Tuesday, May 21, 2019

The 92 Largest New York State Financial Cos Saw Their Audited Total Pretax Income Growth Decelerate From 13% in Annual 2017 to 6% in Annual 2018, Due Mainly to Icahn Enterprises, Blackstone Group and KKR

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 From a review of SEC filings, Google Finance, MSN Money and Market Watch Big Charts, I found 92 New York State Financial Companies with stock markets caps of above $1 bil sometime since the beginning of 2018 and which filed their 2018 Fiscal Year Ended (FYE) financial statements with the SEC.

My Focus is on Pretax Income rather than on After-Tax Net Income because Income Taxes are simply a transfer of financial wealth between US Corporations and the US Federal, US State and Foreign Governments.  It has nothing whatsoever to do with company operating performance.

From these SEC filings, the chart below shows the Audited Gold-Standard US GAAP Pretax Income (Loss) From Continuing Operations for the Fiscal Years Ended (FYEs) 2018, 2017 and 2016  for each of these 92 New York State Financial Companies.

Most
Recent Audited Audited Audited
Annual Pretax Pretax Pretax
Audited Income Income Income
New York Financial (Loss) (Loss) (Loss)
New York Financial Companies City State Sts FYE FYE FYE
Stock Market Caps Above $1 Bil HQs HQs FYE 2018 2017 2016
 $ mils  $ mils  $ mils
Investment-Related Activities Cos
Goldman Sachs New York NY Dec 18     12,481     11,132     10,304
Morgan Stanley New York NY Dec 18     11,237     10,403       8,848
BlackRock New York NY Dec 18       5,378       5,259       4,455
Blackstone Group LP New York NY Dec 18       3,513       4,118       2,382
KKR & Co LP New York NY Dec 18       2,257       2,784          975
Nasdaq Inc New York NY Dec 18       1,064          872          133
Ares Capital Corp New York NY Dec 18          858          667          474
Lazard Ltd New York NY Dec 18          681          825          517
Evercore New York NY Dec 18          551          438          268
Prospect Capital New York NY Jun 18          300          253          103
Jefferies Financial Group New York NY Nov 18          296          607          (13)
Icahn Enterprises LP New York NY Dec 18          278       1,828     (2,373)
Alliance Bernstein Holding LP New York NY Dec 18          271          232          239
Moelis & Co New York NY Dec 18          238          350          167
MarketAxess Holdings New York NY Dec 18          218          202          192
BGC Partners New York NY Dec 18          180              4          120
TradeWeb Markets New York NY Dec 18          175            90            92
Cohen & Steers New York NY Dec 18          143          160          143
Apollo Global Mgt LLC New York NY Dec 18          105       1,770       1,061
INTL FCStone New York NY Sep 18          102            15            73
Apollo Investment Corp New York NY Mar 18            87            18          (45)
Golub Capital BDC New York NY Sep 18            82            82            69
New Mountain Finance New York NY Dec 18            72          109          112
Wisdom Tree Investments New York NY Dec 18            51            58            56
PJT Partners New York NY Dec 18            42            10            15
TCG BDC Inc New York NY Dec 18            39            84            70
Focus Financial Partners New York NY Dec 18          (32)          (50)            17
Och-Ziff Capital Management Group LLC New York NY Dec 18          (36)          472        (305)
Associated Capital Group Ardsley NY Dec 18          (69)              6            14
Total all 29 Investment-Related Activities Cos
     40,562     42,798     28,163
..... Total Pretax Income % Change From Prior Year -5% 52%
Banks
JPMorgan Chase New York NY Dec 18     40,764     35,900     34,536
Citigroup New York NY Dec 18     23,445     22,761     21,477
Bank of New York Mellon New York NY Dec 18       5,192       4,610       4,725
M&T Bank Corp Buffalo NY Dec 18       2,508       2,324       2,058
Signature Bank New York NY Dec 18          673          575          657
Sterling Bancorp Montebello NY Dec 18          566          181          207
New York Community Bancorp Westbury NY Dec 18          558          668          777
Community Bank System DeWitt NY Dec 18          213          160          155
NBT Bancorp Norwich NY Dec 18          137          128          119
Tompkins Financial Ithaca NY Dec 18          104            95            87
Total all 10 Banks
     74,160     67,402     64,798
..... Total Pretax Income % Change From Prior Year 10% 4%
Real Estate Investment Trusts (REITs)
New Residential Investment New York NY Dec 18          931       1,182          622
VICI Properties Inc New York NY Dec 18          534            43  N/A 
Kimco Realty New Hyde Park NY Dec 18          500          439          465
Vornado Realty Trust New York NY Dec 18          460          320          585
W.P. Carey Inc New York NY Dec 18          439          288          278
Chimera Investment Corp New York NY Dec 18          412          525          552
Brixmor Property Group New York NY Dec 18          366          300          278
MFA Financial New York NY Dec 18          302          322          313
Blackstone Mortgage Trust New York NY Dec 18          286          218          247
SL Green Realty New York NY Dec 18          271          101          279
Lexington Realty Trust New York NY Dec 18          233            89            98
Ladder Capital Corp New York NY Dec 18          228          134          120
Apollo Commercial RE Finance New York NY Dec 18          220          193          158
Life Storage Williamsville NY Dec 18          208            97            85
Arbor Realty Trust Uniondale NY Dec 18          158          111            63
Empire State Realty Trust New York NY Dec 18          122          125          113
Outfront Media New York NY Dec 18          113          130            96
New York Mortgage Trust New York NY Dec 18          104            92            71
KKR RE Finance Trust New York NY Dec 18            90            61            33
Granite Point Mortgage Trust New York NY Dec 18            63            53            35
Annaly Capital Management New York NY Dec 18            52       1,576       1,431
Getty Realty Jericho NY Dec 18            48            45            40
Paramount Group New York NY Dec 18            22          112              4
Global Net Lease New York NY Dec 18            13            27            52
Two Harbors Investment Corp New York NY Dec 18            (2)          298          330
Acadia Realty Trust Rye NY Dec 18          (15)            65          134
American Finance Trust New York NY Dec 18          (37)          (47)          (54)
Seritage Growth Properties New York NY Dec 18        (115)        (121)          (91)
Total all 28 REITs
       6,006       6,778       6,337
..... Total Pretax Income % Change From Prior Year -11% 7%
FinTechs
Mastercard Purchase NY Dec 18       7,204       6,522       5,646
E Trade Group New York NY Dec 18       1,418       1,064          838
First Data Corp New York NY Dec 18       1,247          935          741
Virtu Financial New York NY Dec 18          696          113          180
Total 4 FinTechs
     10,565       8,634       7,405
..... Total Pretax Income % Change From Prior Year 22% 17%
Insurance Cos
MetLife New York NY Dec 18       6,307       3,536       4,281
Travelers Companies New York NY Dec 18       2,961       2,730       4,053
AXA Equitable Holdings New York NY Dec 18       2,461       1,306       2,027
Marsh & McLennan New York NY Dec 18       2,244       2,643       2,480
Arch Capital Group Ltd New York NY Dec 18          842          757          856
Loews Corp New York NY Dec 18          834       1,582          936
Voya Financial New York NY Dec 18          610          528            10
Assured Guaranty Ltd New York NY Dec 18          580          991       1,017
Assurant New York NY Dec 18          334          445          849
Ambac Financial Group New York NY Dec 18          273        (284)          105
American International Group New York NY Dec 18          257       1,466          (74)
National General Holdings New York NY Dec 18          221          163          230
Alleghany New York NY Dec 18            40            37          648
MBIA Inc Purchase NY Dec 18        (296)        (661)        (339)
Total all 14 Insurance Cos
     17,668     15,239     17,079
..... Total Pretax Income % Change From Prior Year 16% -11%
Other Financial Cos
American Express New York NY Dec 18       8,122       7,425       8,042
S&P Global New York NY Dec 18       2,681       2,461       3,188
Moody's Corp New York NY Dec 18       1,671       1,787          558
MSCI Inc New York NY Dec 18          630          467          386
Broadridge Financial Solutions Lake Success NY Jun 18          561          488          469
Triton Intl Ltd Purchase NY Dec 18          427          260            (6)
Fortress Transp&Infrastr Investrs New York NY Dec 18          (14)          (21)          (40)
Total all 7 Other Financial Cos
     14,078     12,867     12,597
..... Total Pretax Income % Change From Prior Year 9% 2%
Total all 92 New York Financial Companies
   163,039   153,718   136,379
..... Total Pretax Income % Change From Prior Year 6% 13%



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