WFC - This Stock Has Gained 150% Since I Bought It - but It Could Still Be a Bargain
2024-05-26 06:28:00 ET
Wells Fargo (NYSE: WFC) was one of the best opportunistic investments I've ever made. I bought the stock in mid-2020 when the COVID-19 lockdowns were still going on. At the time, there was tremendous economic uncertainty, and as the most consumer-focused of the big banks, Wells Fargo became especially volatile. Plus, at this point, the bank's "fake accounts" and other scandals were still fresh in investors' minds.
To be sure, I expected quite a bit of volatility when I bought shares of Wells Fargo. But with shares trading at about 60% of their book value despite strong asset quality, it seemed worth the risk.
About four years later, I'm glad I took that chance. Wells Fargo is up by about 150% compared to the price I paid. Including dividends, I'm sitting on a total return of more than 170%.
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This Stock Has Gained 150% Since I Bought It – but It Could Still Be a Bargain