Byline Bancorp (NYSE:BY) Reaches New 12-Month High – Here’s Why

Byline Bancorp, Inc. (NYSE:BY)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $32.30 and last traded at $32.1250, with a volume of 123010 shares. The stock had previously closed at $31.84.

Analyst Ratings Changes

Several analysts have recently commented on BY shares. Zacks Research raised shares of Byline Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Keefe, Bruyette & Woods boosted their price target on Byline Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a report on Monday, October 27th. Weiss Ratings restated a “buy (b-)” rating on shares of Byline Bancorp in a research note on Wednesday, January 21st. Finally, Piper Sandler reiterated an “overweight” rating and set a $37.00 target price on shares of Byline Bancorp in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $33.67.

Byline Bancorp Trading Up 0.9%

The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 11.15 and a beta of 0.86. The stock’s 50-day moving average is $29.86 and its 200-day moving average is $28.36.

Byline Bancorp (NYSE:BY) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. The company had revenue of $117.01 million during the quarter, compared to the consensus estimate of $112.51 million. Byline Bancorp had a net margin of 20.54% and a return on equity of 11.38%. On average, equities research analysts anticipate that Byline Bancorp, Inc. will post 2.6 EPS for the current fiscal year.

Byline Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Tuesday, February 3rd will be given a $0.12 dividend. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Tuesday, February 3rd. This represents a $0.48 annualized dividend and a dividend yield of 1.5%. Byline Bancorp’s dividend payout ratio is 16.67%.

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

Institutional Investors Weigh In On Byline Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in BY. AQR Capital Management LLC grew its stake in shares of Byline Bancorp by 34.4% in the 1st quarter. AQR Capital Management LLC now owns 137,998 shares of the company’s stock worth $3,610,000 after acquiring an additional 35,324 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised 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 valued at $1,995,000 after acquiring an additional 5,213 shares during the period. Jane Street Group LLC boosted its position in Byline Bancorp by 71.0% during the first quarter. Jane Street Group LLC now owns 152,478 shares of the company’s stock worth $3,989,000 after purchasing an additional 63,317 shares during the period. Finally, Farther Finance Advisors LLC bought a new position in Byline Bancorp during the second quarter worth about $64,000. 67.73% of the stock is owned by institutional investors.

Byline Bancorp Company Profile

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.