Byline Bancorp (NYSE:BY) Given New $34.00 Price Target at Stephens

Byline Bancorp (NYSE:BY) had its target price increased by Stephens from $33.00 to $34.00 in a report published on Wednesday,Benzinga reports. Stephens currently has an equal weight rating on the stock.

A number of other analysts also recently issued reports on BY. Piper Sandler reissued an “overweight” rating and set a $34.00 target price on shares of Byline Bancorp in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods increased their price objective on shares of Byline Bancorp from $29.00 to $33.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, Hovde Group lifted their target price on shares of Byline Bancorp from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Monday.

Byline Bancorp Stock Up 0.9 %

NYSE:BY opened at $29.54 on Wednesday. The company has a market cap of $1.31 billion, a P/E ratio of 10.74 and a beta of 1.15. The firm’s 50 day moving average is $29.66 and its two-hundred day moving average is $28.09. Byline Bancorp has a fifty-two week low of $19.70 and a fifty-two week high of $32.89.

Byline Bancorp (NYSE:BY) last issued its earnings results on Thursday, January 23rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. Byline Bancorp had a return on equity of 11.90% and a net margin of 19.39%. Research analysts forecast that Byline Bancorp will post 2.68 earnings per share for the current fiscal year.

Byline Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Tuesday, February 4th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.35%. This is a positive change from Byline Bancorp’s previous quarterly dividend of $0.09. Byline Bancorp’s dividend payout ratio (DPR) is currently 14.49%.

Byline Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Thursday, December 5th that permits the company to repurchase 1,250,000 shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Byline Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of Byline Bancorp by 209.0% during the third quarter. Wellington Management Group LLP now owns 410,359 shares of the company’s stock valued at $10,985,000 after acquiring an additional 277,559 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Byline Bancorp by 71.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 557,242 shares of the company’s stock valued at $14,917,000 after purchasing an additional 232,530 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Byline Bancorp by 173.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,780 shares of the company’s stock worth $3,153,000 after purchasing an additional 74,709 shares during the last quarter. FMR LLC raised its position in shares of Byline Bancorp by 7.3% in the 3rd quarter. FMR LLC now owns 1,035,844 shares of the company’s stock valued at $27,730,000 after purchasing an additional 70,863 shares in the last quarter. Finally, Fiducient Advisors LLC purchased a new position in shares of Byline Bancorp during the 3rd quarter valued at approximately $1,730,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

About Byline Bancorp

Byline Bancorp, Inc operates as the bank holding company for Byline Bank that provides various banking products and services for small and medium sized businesses, commercial real estate and financial sponsors, and consumers in the United States. It offers various retail deposit products, including non-interest-bearing accounts, money market demand accounts, savings accounts, interest-bearing checking accounts, and time deposits; ATM and debit cards; and online, mobile, and text banking services, as well as commercial deposits.