5 Most Profitable Bank Stocks To Invest In

3. Wells Fargo & Company (NYSE:WFC)

Latest TTM Net Income: $17.2 billion

Number of Hedge Fund Holders: 77

Established in 1852, Wells Fargo & Company (NYSE:WFC) is a prominent financial services institution, providing a comprehensive range of banking, investment, mortgage, consumer, and commercial finance products and services. With assets nearing $1.9 trillion, it holds a significant position as one of the leading financial services providers in the United States.

Wells Fargo & Company (NYSE:WFC) disclosed its third-quarter 2023 financial results on October 13, revealing a 7% year-over-year increase in total revenue to $20.9 billion. Concurrently, net income experienced a substantial surge, rising by 61% year-over-year to $5.8 billion. In response to these financial outcomes, on October 16, BMO Capital raised the price target for Wells Fargo & Company (NYSE:WFC) shares to $54 from $52 while maintaining a ‘Market Perform’ rating for the shares.

During Q3 2023, 77 out of the 910 hedge funds tracked by Insider Monkey were investors in the bank. Eisler Capital emerged as Wells Fargo & Company (NYSE:WFC)’s largest hedge fund shareholder due to its $2.23 billion stake.