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How to Buy Wells Fargo Stock

Wells Fargo is a financial services company that offers banking, investing, and mortgage products and services, as well as consumer and business lending.

Wells Fargo’s objective is to meet their clients’ financial needs and assist them in achieving financial stability. Our guide will show you how to open a brokerage account and start investing in Wells Fargo stock.

Quick History of Wells Fargo

Wells Fargo & Company is a worldwide financial services corporation based in San Francisco, California, with operating headquarters in Manhattan.

Wells Fargo Bank, N.A., a national bank headquartered in Wilmington, Delaware, is the company’s principal subsidiary. The current Wells Fargo was completed with the 1998 merger of San Francisco-based Wells Fargo & Company and Minneapolis-based Norwest Corporation, followed by the purchase of Charlotte-based Wachovia in 2008.

Some significant events to note include; based on years of wrongdoing, the U.S. Federal Reserve Bank banned Wells Fargo from expanding its roughly US$2 trillion asset base any further on February 2, 2018, unless the bank resolved its internal issues to the standard of the Federal Reserve. In 2019, CEO Tim Sloan resigned, sending the company’s shares soaring, and General Counsel C. Allen Parker took over as temporary CEO.

Charles Scharf was then named the company’s new CEO on September 27, 2021.

The Good and the Bad of Wells Fargo Stock

All stocks come with different advantages and disadvantages . Here are some of the benefits and drawbacks of holding Wells Fargo stock.

Pros of Owning Wells Fargo Stock 

  • Monetarily, there are certain advantages for WFC stockholders, even if they are few and far between. This year, the bank’s priority is to distribute cash to shareholders. They have a steady history of paying out dividends to shareholders.
  • The stock has high volatility which some may be able to use to their advantage.

Cons of Owning Wells Fargo Stock 

  • The company’s main issues are regulatory, consumer, and investor views of the firm, all of which have been mainly unfavorable.
  • Many investors feel it would be irresponsible to handicap themselves by investing in a firm that can’t expand its holdings in the absence of solid proof that Wells Fargo is on the uptrend.
  • Many individuals withdrew their money and business from Wells Fargo as a result of the 2016 accounting crisis. The firm still has a long way to go in regaining community interest.

Outlook for Wells Fargo Stock

Wells Fargo’s future prospects are heavily influenced on the prospects for the overall economy, as companies rebound from the Covid-19 pandemic. Wells Fargo appears to be in good shape after reporting first-quarter earnings this year.

Following a rocky 2020, the banking industry as a whole was down 6%, largely owing to the impact of lower interest rates and lower deposit balances. However, Wells Fargo has emerged as a relatively popular option among all the major banks.

This year Wells Fargo abandoned its asset management and student loan operations in order to enhance productivity. After Wells Fargo announced profits earlier this year, its stock rose, as investors were pleased that the business was trending in the right direction.

Wells Fargo & Co shares have been on a tear in 2021, rising more than 50% since the start of the year.

Steps to Buy Wells Fargo Stock

To purchase Wells Fargo stock, first open a brokerage account, then a trading account, deposit funds, and then begin purchasing shares.

Step 1: Select a Brokerage

To begin investing in Wells Fargo, you will need a brokerage account.  Your brokerage selection will be heavily influenced by your investing strategy and which platform you are most comfortable with.

Here is a roundup of some of our favorite platforms to consider and full rundowns of each.

Step 2: Open the Trading Account

After you’ve decided which brokerage is best for you, you’ll need to open an account with them. This account will be used for posting transactions and stock trading.

Step 3: Deposit Funds Into the Account

After you’ve linked an accepted payment method to your account, you’ll be able to deposit cash to buy Wells Fargo stock. After your account has been officially activated, you must select how many shares of WFC stock you desire to purchase.

Step 4: Search for the Wells Fargo Ticker Symbol (WFC)

Find the stock using the name Wells Fargo or the ticker symbol WFC and do some research before determining if it’s a smart investment for you.

Step 5: Purchase Wells Fargo Stock

At the bottom of each page, brokers will have a “deal ticket” where you may place your order. On the broker’s order form, you will input the symbol and the quantity of shares you desire to acquire.

With a market order, you can buy as many shares as you like, or you may use a limit order to delay the purchase until the stock hits a certain price.

Is Wells Fargo a Good Buy?

Wells Fargo provides an excellent wide ranging banking industry opportunity to investors. It offers banking, investing, and housing products and services to its customer base. Wells Fargo has been one of the best-performing banking companies in recent years. Loan rates are at an all-time low but there is just a lot of potential in the banking industry. 

Right now Wells Fargo is better prepared than other banking institutions to profit from it. Many investors believe that rising consumer prices are a transitory outcome of surplus stimulus money and the opening of the economy. Well Fargo could be an excellent investment opportunity so you should consider looking into this stock this year. If you want to begin investing in the stock market, you should seek the counsel of a financial advisor.

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