Why Wells Fargo (WFC) Stock Hit An All-Time High Today

NEW YORK (TheStreet) -- Wells Fargo (WFC) shares reached an all-time high today, closing up 1% to $52.51 in trading.

Wells Fargo shares are up more than 15% since the beginning of the year, and are up 3.1% over the past five days.

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Wells Fargo has continued to show improvement as its core banking functions have remained stout, driving up the bank's profitability, even as the banking industry have been bogged down by litigation and costly settlements. 

Other stocks in the banking sector also saw increases today with Bank of America ( BAC) closing up 1.6% to $15.84 and Citigroup ( C) finishing trading up 1.3% to $49.58.

TheStreet Ratings team rates WELLS FARGO & CO as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate WELLS FARGO & CO (WFC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

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