10 Most Promising Low-Cost Stocks According to Hedge Funds

8. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders: 83

Forward P/E Ratio as of October 13, 2024: 11.81

Wells Fargo & Company (NYSE:WFC) is one of the most promising low-cost stocks according to hedge funds. The financial services company provides a range of services including asset management, banking, commodities, insurance, investment management, and mortgage loans through its subsidiaries including Wells Fargo Advisors, First Clearing, and Wells Fargo Advisors.

In the third quarter of 2024, Wells Fargo & Company (NYSE:WFC) logged $20.4 billion in revenue and $5.1 billion in net income. The company provides services to one in three households and almost 10% of small businesses in the United States, making it one of the biggest financial services companies in the world.

Compared to the third quarter in 2023, Wells Fargo & Company (NYSE:WFC) saw a decline in revenue by 2% and net interest income by 11%. Despite such, the company is confident in its performance. The entity has altered its earnings profile and has made strategic investments in important segments of the business while selling non-profitable ones. Overall, these strategic investments are expected to pay off in the long term.

The company has more than 69 million customers based in 22 countries. Wells Fargo & Company (NYSE:WFC) has over 5,600 branches and more than 11,000 ATMs. The company boasts a strong banking network challenging for competitors to replicate.