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Wells Fargo & Co. Is the Earth’s Most Valuable Bank
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The story of Ronald Read of Brattleboro, Vermont, grabbed public attention as a gas station and J.C. Penney employee whose account holdings showed $8 million when he passed away recently. His largest holding - Wells Fargo bank. Investors are attracted to the higher dividends paid by Wells Fargo. With its focus on mortgage lending and less money tied up in trading, Wells Fargo has performed better than its peers. Increased regulatory scrutiny has increased costs for banks with a focus on trading. Bank of America and JP Morgan Chase also paid large fines to regulators. Wells Fargo has no legal settlements with the U.S. Justice Department. As the U.S. economy stages a recovery investors are attracted to Wells Fargo. With a decline in the shares of ICBC, the Industrial and Commercial Bank of China, Wells Fargo now is the largest bank by market value in the world.
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Read who worked at a J.C. Penneys Store and at a gas station owned by his brother lived frugally and invested in dividend paying stocks, always reinvesting the dividends. Decades of patient investing led to a significant savings accumulation. At the time he passed away in 2015 at the age of 92, he had a portfolio worth $8 million. His largest holdings were in Wells Fargo bank, P&G and Colgte Palmolive as consumer stocks, and J&J. He owned about 95 different stocks. Wells Fargo Advisors in his home town helped him with his portfolio.
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Wells Fargo has largely stayed away from derivatives and trading compared to its rivals JP Morgan Chase and Bank of America, and focussed on mortgage operations, consumer banking. Because of higher regulatory scrutiny and capital requirements for trading, and large legal settlements paid by other banks, Wells Fargo has paid a higher dividend. With the U.S. economy staging a recovery investors see Wells Fargo's stable business, higher dividends, and less regulatory scrutiny, as more attractive.
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