Jim Cramer on Wells Fargo: "Bank at 13 and a Half Times Earnings is Very Cheap"

Wells Fargo & Company (NYSE:WFC) is one of the stocks Jim Cramer recently answered questions about. A caller expressed intrigue about the stock given that the Federal Reserve lifted the asset cap on the firm. In response, Cramer commented:

“Okay, so I gotta give you the, because I play with an open hand, Wells Fargo’s one of the largest positions for my trust. When it went up, it spiked. Both Jeff Marks and I said, you know what, we’ve got to trim a little. So we trimmed a very small amount. There’s some stock that we bought in the 30s. So I can’t tell you go buy it if I actually just sold some today. I happen to think the bank at 13 and a half times earnings is very cheap, though. It’s just that I can’t have a huge position… as much as I like Charlie Scharf, the CEO. Look, I can’t ignore the issues facing regional banks for the past couple of weeks, but for all the fear out there, I’m not seeing anything systemic yet.”

Wells Fargo & Company (NYSE:WFC) provides banking, investment, mortgage, and lending services. In addition, it offers wealth management, treasury, and capital markets solutions.

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Disclosure: None. This article is originally published at Insider Monkey.