Everybody's Talking About Wells Fargo, but You Can Still Buy It
Wells Fargo & Company (NYSE: WFC) , with shares up more than 80% in the past 12 months, has been one of the biggest gainers in the entire financial industry. The move was so big, in fact, that it may be intimidating; the stock somehow feels ripe for a wave of profit-taking. And that may well be what's in the cards.
If the only thing holding you back from a purchase of this stellar stock is the sheer size of its recent run-up, though, don't sweat it. Go ahead and buy it. There's still plenty of room for it to run.
Of all the stocks in the banking industry, this one would have seemed to be the least likely to log such an impressive gain during this particular period. Wells Fargo is, of course, the institution that the Consumer Financial Protection Bureau busted back in 2016 for opening millions of unauthorized customer accounts. While that was six years, more than $3 billion in fines, and one chief executive officer ago, it's the type of scandal that can stick with a company for years. When consumers were surveyed, they said they trusted Wells Fargo less than any other major bank in the wake of the fraudulent account debacle. And that's not even to mention the additional customer-abuse scandals that came to light at the bank after that first one: overcharging small business owners on credit card fees; improperly repossessing the cars of those in the U.S. military; and abusive practices in its mortgage and auto-loan businesses, among others.
Source Fool.com
