These 5 Stocks Can Skyrocket if Donald Trump Wins US Election 2024

3. Wells Fargo & Co (NYSE:WFC)

Number of Hedge Fund Investors: 72

Goldman Sachs in its latest report said Wells Fargo & Co (NYSE:WFC) could be one of the stocks that could benefit under the “de-regulation” category if Republicans form a government in the US.

Wells Fargo & Co (NYSE:WFC) shares recently jumped after a U.S. regulator ended a consent order against Wells Fargo (NYSE:WFC) related to its 2016 bogus account scandal.

As of the end of the fourth quarter of 2023, 72 hedge funds out of the 933 funds tracked by Insider Monkey had stakes in Wells Fargo & Co (NYSE:WFC). The most notable stake in Wells Fargo & Co (NYSE:WFC) is owned by Natixis Global Asset Management’s Harris Associates which owns a $1.1 billion stake in Wells Fargo & Co (NYSE:WFC).

Here is what Davis New York Venture Fund has to say about Wells Fargo & Company (NYSE:WFC) in its Q3 2023 investor letter:

“In spring 2023, a number of high-profile regional banks, none of which we owned, collapsed over the course of a few weeks. In contrast, the select, large banks we own, including Wells Fargo & Company, actually saw deposit inflows and increasing profits, reinforcing our thesis that high-quality financial services companies remain among the most misunderstood and attractive sectors of the market. This stress test models a dramatic recession—one meaningfully worse than the great financial crisis of 2008-2009. It includes a 3.5% decline in gross domestic product, a 10% unemployment rate, a 37% decline in residential real estate, a 40% decline in commercial real estate and a 55% decline in the stock market. The resilience and strength required to weather such an economic storm combined with proven economies of scale in branding and technology should drive DNYVF market share gains and growth for years to come. Trading at some of the lowest valuations in the market, our financial sector holdings—such as Wells Fargo & Company, deserve to be revalued upwards over time. In the meantime, increasing dividends and a shrinking share base create value while we wait.”