Byline Bancorp (NYSE:BY) Stock Price Expected to Rise, Hovde Group Analyst Says

Byline Bancorp (NYSE:BY) had its price objective hoisted by Hovde Group from $33.00 to $34.00 in a report issued on Monday, MarketBeat Ratings reports. They currently have an outperform rating on the stock.

A number of other brokerages have also recently issued reports on BY. Keefe, Bruyette & Woods upped their price objective on shares of Byline Bancorp from $29.00 to $33.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. 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.

Byline Bancorp Stock Up 0.9 %

Byline Bancorp stock opened at $29.54 on Monday. The stock has a market cap of $1.31 billion, a P/E ratio of 10.74 and a beta of 1.15. Byline Bancorp has a 12 month low of $19.70 and a 12 month high of $32.89. The company’s fifty day simple moving average is $29.66 and its 200-day simple moving average is $28.09.

Byline Bancorp (NYSE:BY) last issued its quarterly earnings data on Thursday, January 23rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Byline Bancorp had a net margin of 19.39% and a return on equity of 11.90%. On average, equities research analysts expect that Byline Bancorp will post 2.68 earnings per share for the current fiscal year.

Byline Bancorp Increases Dividend

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

Byline Bancorp declared that its board has authorized a share buyback program on Thursday, December 5th that permits the company to buyback 1,250,000 shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BY. Dimensional Fund Advisors LP raised its position in shares of Byline Bancorp by 6.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,855,547 shares of the company’s stock valued at $44,049,000 after buying an additional 106,940 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Byline Bancorp by 37.5% during the second quarter. AQR Capital Management LLC now owns 104,247 shares of the company’s stock valued at $2,475,000 after buying an additional 28,421 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Byline Bancorp by 19.5% during the second quarter. The Manufacturers Life Insurance Company now owns 12,403 shares of the company’s stock valued at $294,000 after buying an additional 2,023 shares during the last quarter. Creative Planning raised its position in shares of Byline Bancorp by 79.7% during the second quarter. Creative Planning now owns 17,958 shares of the company’s stock valued at $426,000 after buying an additional 7,966 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Byline Bancorp during the second quarter valued at about $26,000. Institutional investors and hedge funds 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.