Israel Englander’s Stock Portfolio: Top 10 Stocks to Invest in

6. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders as of Q4: 96

Millennium Management’s Equity Stake: $940.64 Million 

Wells Fargo & Company (NYSE:WFC), founded by Henry Wells and William Fargo in 1852 and headquartered in San Francisco, California, is a major multinational financial services firm with operations in 35 countries and a customer base exceeding 70 million. Recognized as one of the Big Four Banks in the United States, it is classified as a systemically important financial institution by the Financial Stability Board, underscoring its significant role in the global financial system.

Wells Fargo & Company (NYSE:WFC) reported strong Q4 2024 earnings, surpassing expectations and driving a 5% stock increase. Net income rose 47% year-over-year to $5.1 billion, or $1.43 per share, while revenue reached $20.4 billion. Growth was fueled by a 59% surge in investment banking fees, driven by increased deal-making activity as companies took advantage of improved economic confidence to raise capital and pursue mergers and acquisitions. The bank’s home loan business saw mixed results as mortgage rates remained high. Wells Fargo’s stock performance has been volatile over the past four years, but 2025 looks promising as the bank forecasts net interest income growth of 1% to 3%, supported by stronger loan demand and lower deposit costs. The Trump administration’s expected deregulation policies could further benefit the financial sector by easing banking oversight, reducing compliance costs, and encouraging lending and deal-making activities.

In the fourth quarter of 2024, Millennium Management significantly boosted its investment in Wells Fargo & Company (NYSE:WFC), increasing its holdings to 13.4 million shares—a 42% rise from over 9.4 million shares held in the previous quarter. This expansion brought the fund’s total stake in the company to an estimated $940.64 million. Additionally, data from Insider Monkey revealed that by the end of Q4 2024, 96 hedge funds had positions in Wells Fargo, collectively holding nearly $6.64 billion in shares. This marked a significant increase from Q3 when only 72 hedge funds had investments in the company.

Wells Fargo & Company (NYSE:WFC)’s strong financial performance, highlighted by a 47% increase in net income and a surge in investment banking fees, reflects its resilience and ability to capitalize on improving economic conditions. Additionally, growing institutional confidence, as seen in Millennium Management’s 42% increase in holdings and the rising number of hedge funds investing in the company, reinforces its potential as a solid long-term investment.