NEW YORK (TheStreet) -- Wells Fargo (WFC) shares closed trading up 0.9% to $57.21 on Wednesday after the bank said that it plans to grow through acquisitions.
CEO Timothy Sloan said at a financial conference today that the bank would continue to purchase pieces of General Electric's (GE) loan portfolios as well as assets from other company's that fit the bank's business model.
"If they fit our business model and we're comfortable from a customer standpoint, we'd love to grow that way. But we don't have to do that," Sloan said, according to the Wall Street Journal.
Wells Fargo is a key holding of Jim Cramer's Action Alerts PLUS charitable trust and Cramer sees the stock as the top performer in the financial sector calling it the "best financial in the world."
TheStreet has more coverage on Wells Fargo here.
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 revenue growth, solid stock price performance and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income."