Connor Clark & Lunn Investment Management Ltd. Grows Position in Byline Bancorp, Inc. (NYSE:BY)

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Byline Bancorp, Inc. (NYSE:BY) by 15.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 86,536 shares of the company’s stock after purchasing an additional 11,280 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.19% of Byline Bancorp worth $2,510,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Parkside Financial Bank & Trust purchased a new stake in shares of Byline Bancorp in the 4th quarter valued at $63,000. Quantbot Technologies LP purchased a new stake in shares of Byline Bancorp in the 3rd quarter valued at $127,000. Point72 Asset Management L.P. boosted its holdings in shares of Byline Bancorp by 481.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,462 shares of the company’s stock valued at $173,000 after acquiring an additional 5,350 shares during the last quarter. Oceanside Advisors LLC purchased a new stake in shares of Byline Bancorp in the 4th quarter valued at $206,000. Finally, HighTower Advisors LLC purchased a new stake in shares of Byline Bancorp in the 3rd quarter valued at $221,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insiders Place Their Bets

In other Byline Bancorp news, insider Thomas Abraham sold 6,658 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $28.86, for a total transaction of $192,149.88. Following the completion of the transaction, the insider now directly owns 62,282 shares in the company, valued at approximately $1,797,458.52. This represents a 9.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 30.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on BY. Stephens upped their price objective on shares of Byline Bancorp from $33.00 to $34.00 and gave the company an “equal weight” rating in a report on Wednesday, January 29th. Hovde Group boosted their target price on shares of Byline Bancorp from $33.00 to $34.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Byline Bancorp from $29.00 to $33.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Byline Bancorp Price Performance

BY opened at $26.29 on Wednesday. The firm has a fifty day moving average price of $28.40 and a 200 day moving average price of $28.43. Byline Bancorp, Inc. has a 1 year low of $19.70 and a 1 year high of $32.89. The stock has a market cap of $1.17 billion, a P/E ratio of 9.53 and a beta of 1.15.

Byline Bancorp (NYSE:BY) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Byline Bancorp had a net margin of 19.33% and a return on equity of 11.61%. Equities analysts expect that Byline Bancorp, Inc. will post 2.6 EPS for the current year.

Byline Bancorp announced that its board has initiated a share buyback program on Thursday, December 5th that allows the company to buyback 1,250,000 shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Byline Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 18th. Shareholders of record on Tuesday, February 4th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, February 4th. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 1.52%. Byline Bancorp’s dividend payout ratio is currently 14.49%.

Byline Bancorp Company Profile

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.