We're trimming a bank stock on tear since earnings, booking nearly a 100% profit

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Banks News

Wells Fargo & Co,Jim Cramer,Investment Strategy

This sale does not reflect any change in our long-standing positive view on the bank and the job the CEO is doing.

We're selling 100 shares of Wells Fargo at roughly $65 each. Following Friday's trade, Jim Cramer's Charitable Trust will own 2,340 shares of WFC, decreasing its 4.41% weighting to from 4.6%. We're ringing the register on some Wells Fargo shares after a huge run since third-quarter earnings on Oct. 11.

Due to this swift move higher to levels last seen in 2018 before the Fed put a cap on the bank's assets, we think it is prudent to take some profits. We're also downgrading the stock to our 2 rating , preferring to buy again on a pullback. From this sale, we'll realize a fantastic gain of 92% on stock purchased in January 2021.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

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