15 Best Bank Stocks to Buy According to Billionaires

4. Wells Fargo & Company (NYSE:WFC)

Number of Billionaire Investors: 18

Wells Fargo & Company (NYSE:WFC) is one of the best bank stocks, as it is backed by 18 billionaire investors. It is one of the largest American banks that provides a wide range of services, including loans, investment banking, wealth management, and retail mortgages across 35 countries, serving over 70 million customers. On March 13, Royal Bank of Canada upgraded Wells Fargo from Sector Perform to an Outperform rating, setting a price target of $80. This suggests a potential increase of 12.75% from its current price. Analyst Gerard Cassidy noted that WFC is making progress in addressing regulatory issues and is on track to achieve a strong return on equity once certain restrictions are lifted.

In Q4 2024, Wells Fargo & Company (NYSE:WFC)’s diluted earnings per share rose 11% from last year. Fee-based revenue jumped 15%, helping balance out the expected drop in net interest income. Expenses went down, credit trends stayed stable, and the bank kept a strong balance sheet with an 11.1% CET1 ratio.

Shareholders were awarded returns of $25 billion in total, including $20 billion in stock buybacks, a 64% year-over-year increase, and a 15% boost in dividends. Wells Fargo & Company (NYSE:WFC) paid a $0.40 per share quarterly dividend to shareholders on March 1. Overall, the company’s credit card business remains strong, net checking accounts saw meaningful growth, and mobile customers increased by 1.5 million in 2024. Investment banking and trading revenues grew by double digits, driven by talent and tech investments.