Byline Bancorp (NYSE:BY) Reaches New 1-Year High Following Analyst Upgrade

Byline Bancorp, Inc. (NYSE:BY) shares reached a new 52-week high on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $35.92 and last traded at $35.9270, with a volume of 49521 shares changing hands. The stock had previously closed at $35.48.

A number of other analysts have also commented on the company. Piper Sandler boosted their target price on Byline Bancorp from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Byline Bancorp in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $36.00.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BY. Assenagon Asset Management S.A. acquired a new stake in shares of Byline Bancorp in the 1st quarter worth about $7,176,000. JPMorgan Chase & Co. lifted its position in Byline Bancorp by 31.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 588,359 shares of the company’s stock valued at $16,315,000 after acquiring an additional 140,219 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in Byline Bancorp by 56.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 358,536 shares of the company’s stock valued at $9,942,000 after purchasing an additional 129,032 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Byline Bancorp by 64.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 276,181 shares of the company’s stock valued at $8,051,000 after purchasing an additional 108,492 shares during the last quarter. Finally, Federated Hermes Inc. increased its holdings in Byline Bancorp by 16.7% during the 4th quarter. Federated Hermes Inc. now owns 573,652 shares of the company’s stock worth $16,722,000 after purchasing an additional 82,142 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Byline Bancorp Trading Up 1.5%

The stock has a market capitalization of $1.66 billion, a P/E ratio of 11.90 and a beta of 0.75. The business has a fifty day simple moving average of $33.55 and a 200 day simple moving average of $32.03.

Byline Bancorp (NYSE:BY) last posted its earnings results on Thursday, April 23rd. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The company had revenue of $112.40 million for the quarter, compared to analyst estimates of $113.89 million. Byline Bancorp had a return on equity of 11.56% and a net margin of 21.86%. As a group, research analysts forecast that Byline Bancorp, Inc. will post 3.28 earnings per share for the current year.

Byline Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 19th. Shareholders of record on Tuesday, May 5th were paid a dividend of $0.12 per share. The ex-dividend date was Tuesday, May 5th. This represents a $0.48 annualized dividend and a yield of 1.3%. Byline Bancorp’s dividend payout ratio (DPR) is 15.64%.

About Byline Bancorp

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.