Sell 85 shares of Wells Fargo stock for approximately $86. After Tuesday’s trading, the Jim Cramer Charitable Trust will own 1,700 shares of WFC stock, reducing its weight from 4.05% to about 3.8 shares. We booked a profit on the strength of Wells Fargo’s position after hitting a record high. Wells Fargo’s stock has risen about 9% since the bank reported a better-than-expected third quarter on Oct. 14, Piper Sandler analysts say, going from defensive to aggressive. The results were coupled with an aggressive share repurchase program, a reaffirmation of the company’s full-year net interest income outlook, and management’s push to increase its medium-term financial goals. Since the company is no longer bound by the Federal Reserve’s asset cap, it is targeting a return on tangible common capital of 17% to 18%, up from the previous 15%. WFC YTD Mountain Wells Fargo YTD This sale does not reflect any change to our long-standing positive theory at Wells Fargo. Rather, it is part of the normal course of strong moves followed by disciplined profit taking. This sale represents a significant gain of approximately 170% on the shares purchased in January 2021. (The Jim Cramer Charitable Trust is a long WFC. See here for a complete list of stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, you will receive trade alerts before Jim makes a trade. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
