Byline Bancorp, Inc. (NYSE:BY) Plans Dividend Increase – $0.10 Per Share

Byline Bancorp, Inc. (NYSE:BY) declared a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Shareholders of record on Tuesday, February 4th will be given a dividend of 0.10 per share on Tuesday, February 18th. This represents a $0.40 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend is Tuesday, February 4th. This is an increase from Byline Bancorp’s previous quarterly dividend of $0.09.

Byline Bancorp has increased its dividend payment by an average of 6.3% annually over the last three years. Byline Bancorp has a dividend payout ratio of 13.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Byline Bancorp to earn $2.52 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 14.3%.

Byline Bancorp Stock Up 3.0 %

BY traded up $0.85 during trading hours on Friday, hitting $29.19. The stock had a trading volume of 283,879 shares, compared to its average volume of 138,079. The company’s fifty day simple moving average is $29.79 and its 200 day simple moving average is $27.92. Byline Bancorp has a 1 year low of $19.70 and a 1 year high of $32.89. The stock has a market cap of $1.30 billion, a PE ratio of 10.61 and a beta of 1.15.

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

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Keefe, Bruyette & Woods lifted their price target on Byline Bancorp from $29.00 to $33.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler reissued an “overweight” rating and set a $34.00 price objective on shares of Byline Bancorp in a research report on Tuesday, October 29th.

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.