Bank of Ireland slides as Ross exits


"The sale of Wilbur Ross’s remaining stake in Bank of Ireland (IRE), giving up the board seat which he held for just under three years, reinforces our view that there remains little in the way of incremental positive catalysts on the horizon," says Nomura. “Further overhang remains with over 60% of the shares in the hands of the top 10 investors, although most are in it for the long haul.”

Down nearly 4% in early action, Bank of Ireland is now off 2.5% in London action. The ADRs fell 2.1% in New York trade yesterday following the news.

Previously: Ross exiting rest of Bank of Ireland position

Comments (2)
  • Itemus47
    , contributor
    Comments (33) | Send Message
     
    The bank should now focus on bringing the amount of stock down and continuing the growth story. Ross was needed before and not now. This has long term buy written all over it still and I have been in this thing since the 4s. Not leaving anytime soon.

     

    GLTA.
    10 Jun 2014, 08:37 AM Reply Like
  • huntsman666
    , contributor
    Comments (28) | Send Message
     
    Ross buys distressed stocks - IRE is no longer distressed. His sale is just sooner than expected, nothing more, nothing less.

     

    Today's pps only reflects his (necessary for volume) ~5% discount to his buyers.

     

    Ireland is strongly recovering and IRE has less competitors going forward. One to add to on dips and hold long.
    10 Jun 2014, 09:05 AM Reply Like
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