Byline Bancorp (NYSE:BY) Hits New 1-Year High – Should You Buy?

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on BY shares. Piper Sandler restated an “overweight” rating and set a $37.00 price objective on shares of Byline Bancorp in a research report on Tuesday. Zacks Research raised Byline Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 27th. Keefe, Bruyette & Woods increased 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. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Byline Bancorp in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Byline Bancorp presently has an average rating of “Buy” and an average target price of $33.67.

Byline Bancorp Price Performance

The stock has a market capitalization of $1.46 billion, a P/E ratio of 11.09 and a beta of 0.86. The firm has a fifty day moving average of $29.94 and a two-hundred day moving average of $28.39.

Byline Bancorp (NYSE:BY) last issued its quarterly earnings data on Thursday, January 22nd. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. The firm had revenue of $117.01 million during the quarter, compared to analysts’ expectations of $112.51 million. Byline Bancorp had a return on equity of 11.38% and a net margin of 20.54%. As a group, sell-side analysts forecast that Byline Bancorp, Inc. will post 2.6 EPS for the current fiscal year.

Byline Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Tuesday, February 3rd will be paid a $0.12 dividend. The ex-dividend date is Tuesday, February 3rd. This is a positive change from Byline Bancorp’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 1.5%. Byline Bancorp’s dividend payout ratio (DPR) is 13.89%.

Byline Bancorp announced that its board has approved a share buyback program on Thursday, December 11th that permits the company to buyback $2.25 million in shares. This buyback authorization permits the company to buy up to 0.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Byline Bancorp

A number of institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its holdings 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 valued at $3,610,000 after acquiring an additional 35,324 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Byline Bancorp by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,491 shares of the company’s stock valued at $484,000 after purchasing an additional 770 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Byline Bancorp by 7.3% in the first 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 purchasing an additional 5,213 shares during the last quarter. Jane Street Group LLC grew its position in Byline Bancorp by 71.0% during the 1st 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 purchased a new position in shares of Byline Bancorp during the 2nd quarter valued at about $64,000. 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.