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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
23 Aug 14 14:10:37
$googl $aapl $twtr $ire still in portfolio...
Wu Weed
22 Aug 14 07:11:28
$IRE & $NBG both strong & steady
Market Updates
21 Aug 14 23:27:12
$IRE: Stocks in News - Delta Air Lines (NYSE:DAL) , Twitter (NYSE:TWTR) , Bank of ... http://t.co/QEVBV9hLiY http://t.co/hoFIhjkpy6
21 Aug 14 15:00:01
#ASX200. Yesterday's biggest risers were IRESS $IRE, up 11.11%, SUPARETAIL $SUL, up 5.28% & ALUMINA $AWC, up 4.44%. #ASXTop3.
Market News
21 Aug 14 11:26:59
$IRE: Why Now Is the Right Time To Buy Bank of Ireland Stock http://t.co/vDplu6jXpV http://t.co/UTkLdAgtEE
21 Aug 14 11:11:03
$IRE fantastic set up above 15.63, Should see past the 200 day in the next few days.
20 Aug 14 23:35:04
Biggest gains on the ASX200 today: $IRE up 11.1%, $SUL up 5.3%, $AWC up 4.4%, $AMP up 4.2%, $ORG up 4.2% #ausbiz ^JR"
20 Aug 14 23:27:31
RT @CommSec: Biggest gains on the ASX200 today: $IRE up 11.1%, $SUL up 5.3%, $AWC up 4.4%, $AMP up 4.2%, $ORG up 4.2% #ausbiz ^JR
Business News Watch
20 Aug 14 23:27:13
$IRE: Why Now Is the Right Time To Buy Bank of Ireland Stock http://t.co/ZaGBJiBxFF http://t.co/HFsF4TcJzy
20 Aug 14 23:17:19
Biggest gains on the ASX200 today: $IRE up 11.1%, $SUL up 5.3%, $AWC up 4.4%, $AMP up 4.2%, $ORG up 4.2% #ausbiz ^JR
FOREX Insight
20 Aug 14 21:07:09
RT @CommSec: Biggest gains on the ASX200 today: $IRE up 9.6%, $SUL up 5.2%, $ORG up 4.6%, $AMP up 3.8%, $WHC up 3.1% #ausbiz ^SD
20 Aug 14 21:01:04
Biggest gains on the ASX200 today: $IRE up 9.6%, $SUL up 5.2%, $ORG up 4.6%, $AMP up 3.8%, $WHC up 3.1% #ausbiz ^SD
Market Updates
20 Aug 14 18:27:39
$IRE: Director/PDMR Shareholding [pdf] http://t.co/s7UuIJH3XD http://t.co/NjDzujcvD5
20 Aug 14 17:50:55
Biggest gains on the ASX200 today: $IRE up 6.9%, $SUL up 6.4%, $TPI up 4.8%, $REA up 4%, $AMP up 3.4% #ausbiz ^JR
FTI Strat Comm AU
20 Aug 14 14:35:07
And $EHL $FMG $IIN $IRE $MGR $ORG $PNA $SAI $SCP $SUL $SYD $TPI $TTS $TWE $VRL 2/2 #ausbiz #ozearnings
Biz Headlines
19 Aug 14 17:27:16
$IRE: European shares close week 2.9% lower http://t.co/MaOcyzevTk http://t.co/bkZdMBcQeX
Tom Loffman
19 Aug 14 14:39:03
Biggest losers today large caps: $BBL -6.19% $S -4.09% $BHP -3.75% $IRE -2.58% $VIPS -2.53% $CIB -2.35% $ICE -2.27% $BSAC -2.15%
  +Follow January 13, 2014 10:45AM



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