The famous billionaire investor Warren Buffett reiterated his optimism on Wells Fargo stock price in an interview with CNBC on Monday. Wells Fargo is the U.S. bank with the largest market capitalization, and the Wells Fargo stock price has appeared big increases in recent months
Buffett told reporters on Monday that if he could only choose one stock to invest in, he would choose the Wells Fargo stock. Berkshire currently holds 7.6% stake in Wells Fargo and the most recent share addtion happened in 2011. Buffett said in the annual report to shareholders last Friday that the U.S. banking industry has begun to resume growth, while Wells Fargo is the most successful one. The bank’s profitability is very strong and assets are solid, in addition, its capital has hit a new record.
As of the end of last year, Wells Fargo’s total assets and market capitalization were ranked fourth and first, respectively in the U.S. bank industry. According to the research firm FactSet’s data, calculated by the Monday morning’s share price, the market value of Wells Fargo Bank reached $160.4 billion.
The Wells Fargo CEO John Stumpf said in an interview with Financial Times last weekend that the bank plans to expand its wealth management and insurance business through acquisitions of more banking assets in Europe.
The Wells Fargo stock price increased 2.82%, or $0.85, to close at $31.03 on Monday. The Wells Fargo stock price has increased more than 30% in the recent three months.