Wells Fargo Is the One Bank Stock You Should Own Now

NEW YORK (TheStreet) -- If you are going to own one bank, it should be Wells Fargo (WFC - Get Report) .

Warren Buffett's favorite bank, the world's largest bank by market capitalization, Wells Fargo reports earnings for its fiscal 2015 third quarter before the opening bell Wednesday.

Shares of the San Francisco-based bank, at around $52, are down nearly 5% on the year to date and up over 3% over the past year. But don't take that as a sign of poor performance.

At just 12 times earnings against a price to earnings multiple of 21 for the S&P 500 (SPX) , there is tons on value in the stock. The company pays a quarterly dividend of 37.5 cents a share, yielding 3% annually. The stock's average analyst 12-month target is $59, implying 13% gains...