Warren Buffett Is Loving Wells Fargo Stock Right Now

Warren Buffett has a net worth of about $70 billion, so when he makes a move in the market, people pay close attention.

Wells Fargo is now the second-largest holding in the portfolio of Warren Buffett’s Berkshire Hathaway (BRK.A). Recently Berkshire recently applied to the Federal Reserve to expand its stake in the bank after reaching the 10% limit that requires regulatory review.

With Brexit passing, Wells Fargo has been taking a beating. Could Buffett be seeing this as a one of the best opportunities?

Wells Fargo is one of the best-managed banks in the world and has a rock-solid balance sheet and is a low-cost operator.

Berkshire started acquiring Wells Fargo shares in 1989 and now holds a stake worth $23 billion.

Disclaimer: We have no position in Wells Fargo & Co (NYSE: WFC) and have not been compensated for this article.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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