5 Best Cheap Stocks To Buy For 2024

In this article, we will take a look at the 5 best cheap stocks to buy for 2024. If you’d like to go through our overview of investing and some recent financial news, then please take a look at the 15 Best Cheap Stocks To Buy For 2024.

5. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders: 72

Forward P/E Ratio as of April 20: 11.02

Founded in 1852, Wells Fargo & Company (NYSE:WFC) stands as a prominent player in the financial services sector, offering a diverse range of banking, investment, mortgage, consumer, and commercial finance products and services. With assets approaching $1.9 trillion, it holds a significant position as one of the leading financial services providers in the United States.

On March 13, investment advisory firm Compass Point reaffirmed its Buy rating on Wells Fargo & Company (NYSE:WFC) stock and increased the price target to $64 from $62.

Insider Monkey analyzed 933 hedge fund portfolios to identify shareholders during last year’s December quarter, revealing 72 investors in Wells Fargo & Company (NYSE:WFC). Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke, and John Campbell, emerged as the largest shareholder with a $1.5 billion investment in the company.

ClearBridge Value Equity Strategy stated the following regarding Wells Fargo & Company (NYSE:WFC) in its fourth quarter 2023 investor letter:

“Stock selection in the financials sector proved to be the largest contributor to relative outperformance. Banking stocks such as Wells Fargo & Company (NYSE:WFC) saw their share price rise during the quarter as investors anticipated Fed rate cuts that would reduce deposit costs while retaining economic strength and minimizing the risk of credit losses.”