12 Most Profitable Cheap Stocks to Buy Right Now

9. Wells Fargo & Company (NYSE:WFC)

Forward P/E: 11.74

Profit Margin: 26.74%

Net Income Available to Common (TTM): $20.67 Billion

Number of Hedge Fund Holders: 82

Wells Fargo & Company (NYSE:WFC) is one of the most profitable cheap stocks to buy right now. On July 1, Goldman Sachs added Wells Fargo & Company (NYSE:WFC) to its US Conviction List as part of the firm’s monthly update.

The research firm said that Wells Fargo & Company (NYSE:WFC) is moving “from defense to offense” as it expects the company to improve its balance sheet. Goldman Sachs pointed to strong capital markets and strength in the company’s credit card business. The firm kept its Buy rating on the stock with a price target of $93.

Earlier, on June 24, Wells Fargo & Company (NYSE:WFC) reported that it had completed the Federal Reserve’s 2026 supervisory stress test process. As previously stated by the Federal Reserve, the results of this year’s stress test do not change bank capital requirements. The company said that its stress capital buffer (SCB) is still at 2.5%.

Additionally, Wells Fargo & Company (NYSE:WFC) announced that it expects to raise its quarterly common stock dividend by 11% in the third quarter of 2026, increasing it to $0.50 per share from $0.45 per share. The planned increase is subject to approval by the company’s Board of Directors at its regular meeting in July.

Wells Fargo & Company (NYSE:WFC) is an American multinational financial services company that provides a wide range of banking, investment, and mortgage products and services. The company also specializes in consumer and commercial finance.