Byline Bancorp (NYSE:BY) Reaches New 52-Week High – Here’s What Happened

Byline Bancorp, Inc. (NYSE:BY)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $31.28 and last traded at $31.42, with a volume of 32787 shares. The stock had previously closed at $30.19.

Analysts Set New Price Targets

Several brokerages have weighed in on BY. Keefe, Bruyette & Woods upped their target price on Byline Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Byline Bancorp in a research note on Wednesday, October 8th. Finally, Piper Sandler raised their target price on shares of Byline Bancorp from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Byline Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $33.25.

Byline Bancorp Price Performance

The company has a market cap of $1.45 billion, a PE ratio of 11.22 and a beta of 0.86. The stock has a 50 day simple moving average of $29.23 and a two-hundred day simple moving average of $28.20.

Byline Bancorp (NYSE:BY) last announced its earnings results on Thursday, October 23rd. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.12. Byline Bancorp had a net margin of 20.01% and a return on equity of 11.26%. The business had revenue of $115.74 million for the quarter, compared to analysts’ expectations of $111.49 million. As a group, equities analysts anticipate that Byline Bancorp, Inc. will post 2.6 EPS for the current fiscal year.

Byline Bancorp announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 11th that permits the company to repurchase $2.25 million in outstanding shares. This repurchase authorization permits the company to buy up to 0.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Byline Bancorp

In related news, insider Thomas Abraham sold 23,400 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $26.89, for a total value of $629,226.00. Following the completion of the sale, the insider owned 38,882 shares in the company, valued at $1,045,536.98. This trade represents a 37.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 28.79% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Byline Bancorp

Several hedge funds have recently bought and sold shares of BY. AQR Capital Management LLC grew its holdings in shares of Byline Bancorp by 34.4% during the first quarter. AQR Capital Management LLC now owns 137,998 shares of the company’s stock worth $3,610,000 after buying an additional 35,324 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Byline Bancorp by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,491 shares of the company’s stock worth $484,000 after acquiring an additional 770 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Byline Bancorp by 7.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 76,245 shares of the company’s stock worth $1,995,000 after acquiring an additional 5,213 shares during the period. Jane Street Group LLC raised its holdings in Byline Bancorp by 71.0% in the 1st quarter. Jane Street Group LLC now owns 152,478 shares of the company’s stock valued at $3,989,000 after acquiring an additional 63,317 shares during the last quarter. Finally, Wedge Capital Management L L P NC lifted its stake in shares of Byline Bancorp by 10.2% during the 2nd quarter. Wedge Capital Management L L P NC now owns 33,382 shares of the company’s stock worth $892,000 after purchasing an additional 3,090 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

About Byline Bancorp

Byline Bancorp, Inc is the bank holding company for Byline Bank, a full-service commercial bank headquartered in Chicago, Illinois. Established under its current name in 2016, the company operates as a community-focused financial institution offering a broad array of banking products and services to corporate, professional and consumer clients.

On the commercial banking side, Byline Bancorp serves small and midsize businesses, real estate developers, professional services firms and nonprofit organizations.