Wells Fargo Dethrones Bank Of America

Wells Fargo (Ticker: WFC) is now the nation’s largest home lender. The California based company raced by Bank of America (Ticker: BAC) for the top spot.

In addition to dethroning Bank of America, Wells Fargo reported a $3.05 billion profit for the recently completed first quarter.

Photo by The Freewheeling Daredevil, courtesy of flickr

Today’s figures mark a 52 percent increase over last year’s results for the same quarter.

Wells Fargo reported revenue of $21 billion versus an expected $19 billion. The revenue is twice as much as the bank earned for the same period last year.

Undoubtedly, the Wachovia acquisition played a major role in achieving the past quarter’s results.

Shares of Wells Fargo are trading up about 3 percent heading into the second half of the trading session.

Since the beginning of this year, the stock has lost 42 percent of its value. Perhaps WFC has turned the corner.

BTW- According to Reuters, Warren Buffett’s Berkshire Hathaway is the lender’s largest shareholder.