Wells Fargo’s current valuation on the brink of surpassing Citigroup’s high-water market capitalization of $282.75 billion, set back in February 1991 for US financial institutions. Wells Fargo shares are up 13% so far this year, besting the 2.7% gain for the S&P 500 financial sector.
If it passes Citigroup’s market cap amount, it will make Wells Fargo the most highly valued financial company in US history, chart below.
From QZ.com “Besides being one of the biggest banks in the US—it is top in market value, but ranks fourth by assets—Wells is also probably one of the most boring. The vast majority of its revenues are derived from plain-vanilla lending to consumers and businesses. Still, the stability of the bank’s returns have earned it loyalty from the star investor Warren Buffett, who made Wells his number one position at his company, Berkshire Hathaway, which owns a stake worth around $24 billion. “