Is Wells Fargo Stock (WFC) Still a Buy Near Record Highs? Latest Price, News and 2026 Outlook

Wells Fargo & Company (NYSE: WFC) is ending 2025 on the front foot. The stock is trading close to an all‑time closing high after a multi‑year turnaround, the Federal Reserve has finally lifted its growth cap, management is leaning hard into AI‑driven cost cuts, and a fresh U.S. regulatory review has put the bank back under the spotlight.

Here’s a deep dive into the latest Wells Fargo stock news, forecasts and analysis as of December 10, 2025.

Key takeaways on Wells Fargo stock today

Share price: WFC is trading around $89.16 per share on December 10, 2025, up about 0.3% on the day.
Near record levels: The all‑time high closing price is $90.21 (Dec 4, 2025), and the 52‑week high sits at $91.11 – only about 1–2% above today’s price. ^[1]
Big 2025 rally: Including dividends, Wells Fargo has delivered roughly mid‑20% total returns year‑to‑date, following gains of more than 40% in 2024 and high‑teens in 2023. ^[2]
Asset cap removed: In June, the Fed lifted the $1.95 trillion asset cap imposed after the fake‑accounts scandal, allowing Wells Fargo to grow its balance sheet again—S&P Global even upgraded its outlook on the bank to “positive.” ^[3]
2025 earnings momentum: In Q3 2025, Wells Fargo reported net income of about $5.6 billion and EPS of $1.66, up 9% year‑on‑year, with about $6.1 billion of share repurchases and a higher $0.45 quarterly dividend. ^[4]
Regulatory overhang: On December 10, the OCC released preliminary findings showing Wells Fargo and eight other large banks engaged in “debanking” of certain lawful industries, adding a fresh layer of compliance and reputational risk. ^[5]
AI and job cuts: CEO Charlie Scharf signaled more workforce reductions in 2026, highlighting AI tools that have boosted code‑writing efficiency by 30–35% and will be rolled out “gradually” across the bank. ^[6]
Analyst view: MarketWatch shows 28 analyst ratings with an average “Overweight” recommendation and a consensus target price of $94.73, implying roughly 6% upside from today’s level. ^[7]
Valuation: Analysts expect 2025 EPS around $6.33 and 2026 EPS around $7.01, putting WFC at about 14× 2025 earnings and 13× 2026 earnings at current prices. ^[8]
Independent models: Simply Wall St’s cash‑flow models suggest Wells Fargo may still be around 20% undervalued, despite the big run‑up. ^[9]

Wells Fargo share price today: near an all‑time high

Wells Fargo’s stock has staged a powerful recovery:

Price today: About $89.16, with an intraday range of roughly $88–$89.5 on December 10.
All‑time closing high:$90.21 on December 4, 2025, with a 52‑week high of $91.11, only modestly above where shares trade now. ^[10]
Recent action: In early December, WFC briefly traded above $91 intraday before pulling back slightly into the high‑80s, suggesting some consolidation after new highs. ^[11]
2025 performance: Long‑term return trackers show Wells Fargo’s total return in 2025 is around the mid‑20% range, following a ~42% gain in 2024 and nearly 19% in 2023—a three‑year run that has dramatically outpaced many bank peers. ^[12]

From a technical perspective, Investor’s Business Daily recently reported that Wells Fargo’s Relative Strength (RS) Rating has climbed to 81 (out of 99) after the stock broke out above an 83.20 “cup‑with‑handle” buy point. However, they now consider the stock “extended” above that buy zone, meaning momentum traders may wait for a new base or pullback before adding. ^[13]

Meanwhile, the options market is pricing in a relatively modest near‑term move: options expiring December 12 imply an expected move of about ±$1.51 (±1.7%), or a trading range of roughly $87.34–$90.36 around current levels. ^[14]

What’s new on December 10, 2025: AI, “debanking” and macro outlook

1. OCC “debanking” findings put large banks under fresh scrutiny

On December 10, the Office of the Comptroller of the Currency (OCC) published preliminary findings from its review of “debanking” practices at the nine largest national banks, including Wells Fargo. ^[15]

The OCC concluded that between 2020 and 2023, these banks:

Restricted banking access for certain lawful industries (oil & gas, coal, firearms, private prisons, tobacco, adult entertainment, digital‑asset firms and others). ^[16]
In some cases did so because activities, while legal, were considered “contrary to the bank’s values.” ^[17]

The OCC says it is committed to ending these practices and will hold banks accountable, signaling the potential for enforcement actions or stricter oversight down the line. ^[18]

For Wells Fargo stockholders, this matters because:

It revives questions about governance and risk management just months after the Fed lifted its growth cap.
It introduces reputational and compliance risk, particularly if follow‑up investigations turn into fines, new restrictions or legal challenges.

2. AI‑driven efficiency and more job cuts

AI has become a central pillar of the Wells Fargo story this week.

At the Goldman Sachs U.S. Financial Services Conference on December 9, CEO Charlie Scharf said Wells Fargo:

Expects further workforce reductions going into 2026, and
Anticipates higher severance expenses in Q4 2025 as part of ongoing efficiency efforts. ^[19]

He highlighted that:

Generative AI tools have already made Wells Fargo’s engineering workforce 30–35% more efficient in writing code. ^[20]
The bank will roll out AI gradually over 2026 and beyond, framing it as a “positive reality” for productivity, even though it will likely reduce headcount. ^[21]
Since he joined in 2019, total employees have dropped from about 275,000 to “just over 210,000” as of September 30, 2025. ^[22]

Separately, a broader Reuters piece on AI adoption across U.S. banks noted that executives at JPMorgan, Wells Fargo, Citi and PNC see AI as a major driver of productivity that will likely reduce staffing needs over time. ^[23]

Investor takeaway: AI‑driven cost cuts can support margins and earnings, but also bring execution risk, cultural challenges and political scrutiny if job losses are large or sudden.

3. Wells Fargo Investment Institute 2026 Outlook: macro tailwinds

Also on December 10, Wells Fargo Investment Institute (WFII) released its 2026 Outlook, “Trendlines over headlines,” projecting a relatively constructive macro backdrop: ^[24]

WFII’s key 2026 forecasts:

U.S. GDP growth: ~2.4%
Inflation (CPI): ~2.8%
S&P 500 target range:7,400–7,600
Fed funds rate:3.00–3.25%

WFII expects Fed rate cuts, deregulation and tax incentives to support business investment, hiring, earnings growth and a broader equity rally, with a preference for U.S. large‑ and mid‑cap stocks and a full allocation to international equities. ^[25]

While this outlook is not specific to WFC, a supportive macro backdrop combined with lower funding costs and stronger equity markets would generally be positive for large banks like Wells Fargo—provided credit quality holds up.

4. Ongoing legal clean‑up: US$33 million global settlement

Earlier this month, a Yahoo Finance analysis of the “bull case” for Wells Fargo noted that the bank had agreed to a US$33 million global settlement, pending court approval, related to legacy legal issues. ^[26]

The settlement amount is tiny relative to:

Q3 net income of $5.6 billion, and ^[27]
The billions in fines and remediation costs tied to the bank’s past scandals.

However, it underscores that legal baggage has not completely disappeared, even as the asset cap is gone.

Fundamentals: what 2025 earnings say about Wells Fargo’s recovery

Strong 2025 earnings trajectory

First quarter 2025

Net income:$4.9 billion, up from $4.6 billion a year earlier.
Diluted EPS:$1.39, up from $1.20 (about 16% growth). ^[28]
Total revenue:$20.1 billion, slightly down year‑on‑year as lower rates weighed on net interest income. ^[29]

Reuters highlighted that profit rose 6% on cost cuts and lower credit loss provisions, even as tariffs and macro uncertainty weighed on corporate sentiment. ^[30]

Second quarter 2025

Revenue: About $19.8 billion, up 1.9% vs Q2 2024.
EPS beat expectations, but the share reaction was more muted because management cut guidance for 2025 net interest income (NII) from growth to roughly flat, citing rate pressures.
Q2 included a $253 million (≈$0.06 per share) gain from acquiring the remaining interest in its merchant‑services joint venture.

Third quarter 2025

Net income: Around $5.6 billion, up 9% year‑on‑year.
EPS: Approximately $1.66, with revenue growth of about 5%, driven by strong fee‑based income. ^[31]
Capital return:
- $6.1 billion in common stock repurchases (~74.6 million shares).
- Quarterly dividend raised to $0.45 per share (from $0.40 in Q2), with $1.4 billion in common dividends paid. ^[32]

This earnings pattern—double‑digit EPS growth, steady revenue, rising buybacks and a higher dividend—is a key reason why the stock has rallied so strongly through 2024–2025.

Asset cap removal: a structural turning point

In June 2025, the Federal Reserve announced that Wells Fargo was no longer subject to the asset growth restriction from its 2018 enforcement action. ^[33]

Key points:

The original cap limited Wells Fargo’s total assets to about $1.95–2.0 trillion following the 2016 fake‑accounts scandal. ^[34]
Removing the cap signals the Fed believes Wells Fargo has made “substantial progress” remediating governance and risk‑management failures. ^[35]
S&P Global subsequently revised its outlook on Wells Fargo from “stable” to “positive,” expecting growth in commercial and investment banking activities. ^[36]

Not everyone is convinced: prominent lawmakers including Senator Elizabeth Warren and Representative Maxine Waters urged the Fed to reverse the decision, arguing the bank remains problematic and the asset cap removal was “embarrassing and unwarranted.” ^[37]

Still, for WFC shareholders, the cap removal is a major structural catalyst, as it:

Frees Wells to grow loans, deposits and fee businesses. ^[38]
Makes acquisitions and product expansion feasible again (though Scharf has stressed discipline on deals). ^[39]

Dividend, buybacks and capital strength

The board has approved a quarterly common dividend of $0.45 per share, payable December 1, 2025, to shareholders of record on November 7. ^[40]

At today’s share price:

Annualized dividend: ~$1.80 per share.
Dividend yield: Around 2.0%. ^[41]
Payout ratio: Roughly 28% of 2025 EPS assuming consensus EPS of $6.33. ^[42]

Combined with multi‑billion‑dollar quarterly buybacks, Wells Fargo is:

Shrinking its share count materially (down about 6% year‑over‑year through Q3). ^[43]
Returning a significant portion of earnings to investors, while still investing in technology and risk controls.

Analyst ratings, valuation and forecasts

Street consensus

MarketWatch’s analyst consensus shows: ^[44]

Average recommendation: Overweight.
Number of ratings: 28.
Average target price:$94.73.

Yahoo Finance’s estimates for Wells Fargo are: ^[45]

2025 EPS (current year):$6.33 (22 analyst estimates).
2026 EPS (next year):$7.01 (22 estimates).
Next quarter EPS (Q1 2026):$1.68 average.

At the current price of ~$89.16: ^[46]

Forward P/E 2025: ≈ 14×.
Forward P/E 2026: ≈ 13×.
Implied upside to consensus target: ~6%, before dividends.

Zacks and other research providers note that Wells Fargo has: ^[47]

Outperformed the broader financial sector over the past year (around +45% vs roughly +42% for its peer group).
Delivered earnings beats in the last four quarters, reflecting both cost control and better‑than‑feared credit outcomes.

Independent valuation models

Several independent platforms see more upside than the Street:

Simply Wall St’s discounted cash flow and “Excess Returns” frameworks suggest Wells Fargo is undervalued by about 19–23% relative to their estimate of fair value, even after the 2025 rally. ^[48]

These models typically:

Assume higher growth in the second half of the decade now that the asset cap is gone, and
Reward Wells Fargo for a “flawless balance sheet with a proven track record” and its consistent dividend, while acknowledging regulatory risk. ^[49]

Of course, valuation tools differ widely in their assumptions, so investors should treat any single fair‑value estimate as one data point rather than a prediction.

Technicals and trading sentiment

Beyond the fundamentals, technical indicators and trading flows around WFC look like this:

Relative Strength Rating of 81 (IBD) shows WFC outperforming most of the market over the last 12 months. ^[50]
The stock is above its recent breakout level (~$83.20) and is categorized as “extended” by many chart‑based traders—i.e., no longer in an ideal low‑risk buy zone for short‑term momentum entries. ^[51]
The options market’s ±1.7% expected move into December 12 points to moderate short‑term volatility, not extreme fear or euphoria. ^[52]
Stock‑screening platforms flag Wells Fargo as one of the most‑watched “trending” financial names, reflecting high search interest and discussion volume. ^[53]

On the flows side, institutional investors are actively repositioning:

Natixis cut its stake in WFC by about 48%, to ~490,000 shares worth roughly $39 million as of its latest SEC filing. ^[54]
Other firms like Epoch Investment Partners have also trimmed positions, while Cary Street Partners Financial LLC and some smaller managers have increased holdings. ^[55]

This mix suggests profit‑taking from some large holders after the rally, offset by fresh buying from others who still see long‑term value.

Key risks investors are watching

Even with the rally and improving fundamentals, several risks are front of mind:

Regulatory & political risk
- The OCC debanking review and potential follow‑up actions could result in new restrictions, remediation costs or fines. ^[56]
- Political scrutiny remains intense: some lawmakers have already challenged the Fed’s removal of the asset cap and may push for tougher oversight if new issues emerge. ^[57]
Legal overhang
- The $33 million global settlement announced this month is small, but it highlights that legacy legal cases are still being cleaned up. ^[58]
Interest‑rate and margin risk
- Management’s move in Q2 to cut 2025 net interest income guidance to flat shows how sensitive earnings are to rate cuts and deposit competition.
- WFII’s own outlook assumes lower short‑term rates by 2026; if cuts come faster or deeper than expected, net interest margins could compress more than the bank currently plans for. ^[59]
AI execution and workforce reductions
- While AI can lower costs, large‑scale job cuts and operational changes pose execution, cultural and reputational risks, especially if service quality slips or regulators worry about operational resilience. ^[60]
Credit cycle & macro shocks
- Wells Fargo is heavily exposed to the U.S. consumer and business cycle; a sharper‑than‑expected slowdown, especially if trade tensions and tariffs intensify—as Scharf warned earlier in the year—could drive higher loan losses and weaker demand. ^[61]

Bottom line: what today’s news means for Wells Fargo stock

As of December 10, 2025, Wells Fargo stock sits at an interesting crossroads:

Bullish factors
- Trading just below record highs after a multi‑year turnaround and strong 2025 earnings. ^[62]
- Asset cap removal unlocks balance‑sheet growth and strategic flexibility, with ratings agencies moving to a more positive stance. ^[63]
- Capital returns are robust: a ~2% dividend yield, a sub‑30% payout ratio, and aggressive share buybacks. ^[64]
- Consensus forecasts point to solid EPS growth into 2026, with valuations that are not stretched relative to big‑bank peers. ^[65]
- Independent models still see double‑digit percentage upside relative to intrinsic value estimates. ^[66]
Bearish / cautionary factors
- The stock is technically extended after a steep run and sits within a few percent of all‑time highs, which can invite profit‑taking and volatility. ^[67]
- Regulatory and political risks remain a defining feature of the story, from the OCC debanking review to lingering skepticism in Washington about whether Wells Fargo has truly turned the page. ^[68]
- AI‑driven restructuring, while promising for costs, carries execution risk and human‑capital challenges that could affect service quality and brand perception. ^[69]

For readers following Wells Fargo & Company stock (WFC), today’s picture is that of a re‑rated franchise: no longer the deeply discounted post‑scandal laggard, but a major U.S. bank trading near highs, with earnings and capital return doing the heavy lifting—and regulation, AI and rates as the main wildcards for 2026.

Disclosure & disclaimer:
This article is for informational and educational purposes only and is not investment advice or a recommendation to buy or sell any security. Markets and data referenced are subject to change. Always conduct your own research and consider consulting a licensed financial advisor before making investment decisions.