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

  +Follow January 13, 2014 10:45AM
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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
Stock Updates
10 Jul 14 13:27:10
$IRE: Mutual fund pro: Don't fight 'wrong' Fed policies http://t.co/N1TPrsMkmj
Tom Loffman
10 Jul 14 13:03:30
Biggest losers today large caps: $NMR -4.50% $SAN -4.42% $TLK -3.69% $CBS -3.33% $BBY -3.18% $CG -3.10% $RRC -3.04% $IRE -2.95% $TROW -2.88%
Futures and Options
10 Jul 14 11:44:25
RT @futuresoption: Deutsche Bank $DB -3.1% Bank of Ireland $IRE -5.6% Credit Suisse $CS -2.8% $ING -3.2% $BBVA -3.1% Barclays $BCS -3.8%...
TC Consulting
10 Jul 14 11:44:24
RT @futuresoption: Deutsche Bank $DB -3.1% Bank of Ireland $IRE -5.6% Credit Suisse $CS -2.8% $ING -3.2% $BBVA -3.1% Barclays $BCS -3.8%...
Ben Williams
10 Jul 14 09:59:05
RT @futuresoption: Deutsche Bank $DB -3.1% Bank of Ireland $IRE -5.6% Credit Suisse $CS -2.8% $ING -3.2% $BBVA -3.1% Barclays $BCS -3.8% $R…
Futures and Options
10 Jul 14 09:56:45
Deutsche Bank $DB -3.1% Bank of Ireland $IRE -5.6% Credit Suisse $CS -2.8% $ING -3.2% $BBVA -3.1% Barclays $BCS -3.8% $RBS -1.9% $HSBC -1.9%
Lepori joël
10 Jul 14 07:42:11
European banks tumble on Portugal trouble $SAN $UBS $DB $IRE $CS $ING $BBVA $BCS $RBS $HSBC $LYG $EUFN http://t.co/xu2eOHS4Rr
Cynthia S Boots
10 Jul 14 06:49:06
European BANKS TUMBLE on Portugal TROUBLE ~> http://t.co/Zfoc6w43nu $SAN $UBS $DB $IRE
MarketCurrents
10 Jul 14 06:44:58
European banks tumble on Portugal trouble http://t.co/VVNTgePBlw $SAN $UBS $DB $IRE
Hamlin
10 Jul 14 03:52:13
RT @AlexRubalcava: “A big bank in a small country is really a warrant on the local economy.” — Wilbur Ross, in this excellent case study of…
Barbarian Capital
10 Jul 14 03:48:32
RT @AlexRubalcava: “A big bank in a small country is really a warrant on the local economy.” — Wilbur Ross, in this excellent case study of…
PLFO
9 Jul 14 23:02:03
RT @AlexRubalcava: “A big bank in a small country is really a warrant on the local economy.” — Wilbur Ross, in this excellent case study of…
Financial Headlines
9 Jul 14 22:27:05
$IRE: How Will Bank of Ireland (IRE) Stock Be Affected By Wilbur Ross Holdings Sale? http://t.co/teFakZYEUY
Alex Rubalcava
9 Jul 14 21:28:00
“A big bank in a small country is really a warrant on the local economy.” — Wilbur Ross, in this excellent case study of his $IRE deal.
Sheldon McIntyre
9 Jul 14 10:06:44
$EUFN $XLF European financials downside break from box consolidation vs. U.S. financials. $BCS $IRE http://t.co/VBgqidolGX
CapitalistWorld
8 Jul 14 19:41:24
@CatspawInv I got a whole frinkin wagon full of squeaky wheels $MBI $SYCRF $OCN $IRE $NBG $ALBKY $AGO $VRNG It ain't easy being a value guy
black
8 Jul 14 13:51:41
RT @tripboss: I liked a @YouTube video from @black70mm http://t.co/kybmuuw50X Chife Keef diss Black da $u$pect $ire Scarface
Tom Loffman
7 Jul 14 14:09:11
Biggest losers today large caps: $CHK -4.61% $DAL -4.40% $NBG -4.13% $RYAAY -4.12% $IRE -4.12% $ECA -3.76% $AAL -3.65% $YNDX -3.41%
OptionCast
7 Jul 14 03:50:16
Today's Pre-Market Losers $USU $JNUG $GTAT $SBGL $DRL $IRE http://t.co/Cyn8TVvMbu
Financial Headlines
5 Jul 14 11:27:06
$IRE: Prem Watsa, Wilbur Ross Invest Almost Half a Billion in Greece's Eurobank http://t.co/dfb2i8PSdG
SNN Team
4 Jul 14 04:23:09
$IRE - Which Institutions Are Buying Up Ireland? -> http://t.co/s7PAuBTKGx #stock #stocks #stockaction
SNN Team
3 Jul 14 16:08:29
$IRE - Why Now Is the Right Time To Buy Bank of Ireland Stock -> http://t.co/8Tvt1Nqdv7 #stock #stocks #stockaction
StockNews24
3 Jul 14 09:36:42
$IRE - Block listing Six Monthy Return -> http://t.co/fZEpzzf459 #stock #stocks #stockaction
PairofdiceBird
3 Jul 14 09:32:41
$IRE Irish services sector growth hits 7-year high in June http://t.co/o02rqhX5iq via @IrishTimes $MS $BAC $C
PairofdiceBird
3 Jul 14 06:34:21
$IRE Irish Economy Returns to Growth With 2.7% Surge http://t.co/zcbcxvy9Ab via @BloombergNews $WFC $SPY $NBG
				
				
  +Follow January 13, 2014 10:45AM
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