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

Shares of Byline Bancorp, Inc. (NYSE:BY) hit a new 52-week high on Thursday . The stock traded as high as $33.48 and last traded at $33.09, with a volume of 175785 shares trading hands. The stock had previously closed at $32.68.

Analyst Upgrades and Downgrades

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

Byline Bancorp Price Performance

The stock’s 50 day moving average is $30.45 and its 200-day moving average is $28.57. The company has a market capitalization of $1.53 billion, a P/E ratio of 11.63 and a beta of 0.87.

Byline Bancorp (NYSE:BY) last posted its earnings results 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. Byline Bancorp had a return on equity of 11.38% and a net margin of 20.54%.The firm had revenue of $117.01 million for the quarter, compared to the consensus estimate of $112.51 million. On average, equities research analysts anticipate that Byline Bancorp, Inc. will post 2.6 EPS for the current year.

Byline Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Tuesday, February 3rd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Byline Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date is Tuesday, February 3rd. Byline Bancorp’s dividend payout ratio is currently 16.67%.

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

Hedge Funds Weigh In On Byline Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Princeton Capital Management LLC lifted its holdings in shares of Byline Bancorp by 35.7% during the fourth quarter. Princeton Capital Management LLC now owns 15,200 shares of the company’s stock valued at $443,000 after purchasing an additional 4,000 shares during the last quarter. Abacus Wealth Partners LLC purchased a new position in Byline Bancorp during the fourth quarter valued at $592,000. Thrivent Financial for Lutherans boosted its holdings in Byline Bancorp by 25.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 89,229 shares of the company’s stock worth $2,601,000 after acquiring an additional 18,113 shares in the last quarter. Denali Advisors LLC grew its stake in shares of Byline Bancorp by 32.3% in the fourth quarter. Denali Advisors LLC now owns 125,752 shares of the company’s stock worth $3,666,000 after acquiring an additional 30,711 shares during the last quarter. Finally, Detalus Advisors LLC grew its stake in shares of Byline Bancorp by 1.0% in the fourth quarter. Detalus Advisors LLC now owns 204,549 shares of the company’s stock worth $5,963,000 after acquiring an additional 2,107 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

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.