Byline Bancorp (NYSE:BY) Sets New 12-Month High Following Better-Than-Expected Earnings

Byline Bancorp, Inc. (NYSE:BY) shares hit a new 52-week high on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $39.13 and last traded at $39.1490, with a volume of 79977 shares changing hands. The stock had previously closed at $37.64.

The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.12. The business had revenue of $117.71 million during the quarter, compared to analysts’ expectations of $115.78 million. Byline Bancorp had a net margin of 21.86% and a return on equity of 11.56%.

Byline Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 18th. Shareholders of record on Tuesday, August 4th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, August 4th. This is a positive change from Byline Bancorp’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a yield of 1.4%. Byline Bancorp’s payout ratio is presently 15.64%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Piper Sandler raised their price target on Byline Bancorp from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Raymond James Financial began coverage on Byline Bancorp in a research report on Wednesday, July 8th. They issued a “market perform” rating for the company. Zacks Research cut Byline Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Byline Bancorp in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $36.00.

Hedge Funds Weigh In On Byline Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its holdings in Byline Bancorp by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,366,600 shares of the company’s stock worth $74,713,000 after purchasing an additional 36,598 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Byline Bancorp by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 1,822,619 shares of the company’s stock valued at $53,129,000 after purchasing an additional 47,798 shares in the last quarter. State Street Corp lifted its holdings in shares of Byline Bancorp by 0.9% in the fourth quarter. State Street Corp now owns 997,040 shares of the company’s stock valued at $29,064,000 after purchasing an additional 8,994 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Byline Bancorp by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 764,144 shares of the company’s stock worth $22,278,000 after buying an additional 13,810 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Byline Bancorp by 31.3% during the third quarter. JPMorgan Chase & Co. now owns 588,359 shares of the company’s stock worth $16,315,000 after buying an additional 140,219 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Byline Bancorp Stock Up 4.5%

The firm has a market capitalization of $1.79 billion, a P/E ratio of 12.77 and a beta of 0.72. The stock has a fifty day moving average of $35.47 and a 200-day moving average of $33.16.

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.