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Bank of Ireland (IRE) Continues Tear, Topping Three-Year High

  +Follow January 13, 2014 10:45AM
Tickers Mentioned:

Coming off a robust 2013 that saw them become the biggest large-cap Financial gainer of 2013, The Governor and Company of the Bank of Ireland (IRE) notched a nearly five percent gain on Jan 13, continuing a rapid march upwards that began last summer. In the last six months, Ireland’s largest bank has nearly doubled in value.

The Bank of Ireland was nearly obliterated in the 2008 crash, with shares losing almost 99 percent of their value in less than two years. A government bailout saved the company from insolvency, but shares had languished until mid-2013.

Since that time, analysts have been effusive in their praise of the bank. Eamonn Hughes of Goodbody noted Bank of Ireland is profitable for the first time since the collapse, and sporting a high asset quality while selling of an oversubscribed 10-year-bond. Comments like Hughes' stands in stark contrast to analyst consensus in 2012, when both Citi (C) and Deutsche Bank (DB) hit the Bank of Ireland with a "sell" rating.

This is an about turn for a financial institution that saw astounding returns for over a decade before collapsing. Bank of Ireland first began sporting massive returns during Ireland’s “Celtic Tiger” economic turnaround, and doubled every four years during the global boom of the early 2000s, nearly touching $900 a share in Feb. 2007. By Mar 2009 those shares were worth around $12 apiece.

A reverse split in 2011 did little to spur the company, but the final shedding of toxic assets, coupled with a general recovery of the global economy, has energized the financial play. Bank of Ireland was not only the best-performing large Financial play of 2013, but so far is the biggest gainer in 2014 as well.

On Jan 13 Bank of Ireland rose 4.62 percent by midday trading to hit $18.11 a share. Shares are up 99.5 percent from six months ago.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for IRE
Wu Weed
29 Sep 14 09:08:06
$ire goin back over $16
Kevin Dempsey
28 Sep 14 17:30:47
RT @IAmAlmightyHova: J.Kord - I Got B*tches Ft. Ruben & $ire http://t.co/2FFj0rlS81
25 Sep 14 04:30:06
Moved Lower Bollinger Band 1/3 $APU $ATI $BKS $BMO $BSFT $CTB $CVC $DRU $EVDY $FII $FNV $GMT $HOG $HTCH $IAE $IRE http://t.co/LK4B8G0bss
Tom Loffman
24 Sep 14 18:53:48
Biggest losers today large caps: $IRE -2.63% $NRG -2.24% $EQR -1.98% $AVB -1.61% $RRC -1.49% $BBDO -1.48% $SWN -1.46% $SDRL -1.46%
24 Sep 14 11:08:28
$IRE looks good here http://t.co/6PhSRfaWYs
24 Sep 14 10:56:09
$IRE bought back what I sold at $17 at $15.53 just now
Day Trade Alerts
24 Sep 14 10:45:38
via #AlertTrade SHORT Seller Alert $IRE - BANK of IRELAND #ShortSeller #Stocks http://t.co/VS8RO1bzXJ
alpe pinnazzo
24 Sep 14 09:13:41
London house prices outstripped by Dublin, as annual rise tops 25pc in Irish capital http://t.co/5Cl9UMQFb6 $IRE
Analyst Ratings
23 Sep 14 16:19:18
Want the latest upgrades & downgrades for $SHPG $ESIO $IRE $NUAN $GMCR? Checkout ARN Daily http://t.co/nSJuDsYidj
23 Sep 14 11:48:45
J.Kord - I Got B*tches Ft. Ruben & $ire: http://t.co/rd9skvmg5u via @YouTube
23 Sep 14 11:47:01
RT @IAmAlmightyHova: J.Kord - I Got B*tches Ft. Ruben & $ire http://t.co/2FFj0rlS81
Ben Silverberg
23 Sep 14 09:47:19
Commented on StockTwits: $IRE gave up 20d and 200d-MAs, now touching lower BB, Parabolic SAR Sell signal flashing... http://t.co/1qAC3VYGiU
joe beattie
22 Sep 14 18:40:35
@rustinonthevine $nbg just above all time low even tho Greece improving,slowly.hoping last of the sellers.thinking $nbg is next $bac / $ire
Ben Silverberg
22 Sep 14 14:39:41
Fresh into Bollinger Band Squeeze $AMP $IRE $CELG $CFN $BG $ITMN watch for clues as to price direction
  +Follow January 13, 2014 10:45AM



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