The Manufacturers Life Insurance Company Takes $560,000 Position in Byline Bancorp, Inc. $BY

The Manufacturers Life Insurance Company acquired a new position in Byline Bancorp, Inc. (NYSE:BY) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 14,870 shares of the company’s stock, valued at approximately $560,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. bought a new stake in Byline Bancorp during the second quarter worth approximately $132,220,000. Dimensional Fund Advisors LP increased its holdings in shares of Byline Bancorp by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,366,600 shares of the company’s stock valued at $74,713,000 after buying an additional 36,598 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Byline Bancorp by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 1,822,619 shares of the company’s stock valued at $53,129,000 after acquiring an additional 47,798 shares during the last quarter. State Street Corp lifted its position in shares of Byline Bancorp by 0.9% during the 4th quarter. State Street Corp now owns 997,040 shares of the company’s stock valued at $29,064,000 after acquiring an additional 8,994 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Byline Bancorp by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 764,144 shares of the company’s stock worth $22,278,000 after acquiring an additional 13,810 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Byline Bancorp Stock Down 0.1%

BY opened at $38.81 on Monday. The stock has a fifty day moving average of $38.32 and a 200-day moving average of $34.74. The firm has a market capitalization of $1.75 billion, a P/E ratio of 11.73 and a beta of 0.71. Byline Bancorp, Inc. has a 12-month low of $25.57 and a 12-month high of $40.03.

Byline Bancorp (NYSE:BY) last issued its earnings results on Thursday, July 23rd. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.79 by $0.12. The business had revenue of $117.71 million during the quarter, compared to analysts’ expectations of $115.78 million. Byline Bancorp had a return on equity of 11.84% and a net margin of 23.36%. On average, analysts expect that Byline Bancorp, Inc. will post 3.35 earnings per share for the current fiscal year.

Byline Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 18th. Stockholders of record on Tuesday, August 4th were issued a $0.14 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Byline Bancorp’s previous quarterly dividend of $0.12. Byline Bancorp’s dividend payout ratio is currently 16.92%.

Insiders Place Their Bets

In other news, insider Dana Rose sold 2,421 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $39.00, for a total value of $94,419.00. Following the completion of the sale, the insider directly owned 11,605 shares of the company’s stock, valued at $452,595. This represents a 17.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Investors I. L.P. Mbg sold 300,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $39.10, for a total transaction of $11,730,000.00. Following the transaction, the insider directly owned 11,535,145 shares in the company, valued at $451,024,169.50. The trade was a 2.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 622,171 shares of company stock worth $24,328,816 over the last quarter. Company insiders own 29.09% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on BY shares. Stephens set a $40.00 target price on Byline Bancorp in a report on Monday, July 27th. Hovde Group upped their target price on Byline Bancorp from $39.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Zacks Research lowered Byline Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Raymond James Financial began coverage on Byline Bancorp in a research note on Wednesday, July 8th. They issued a “market perform” rating on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Byline Bancorp in a report on Friday, August 7th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $43.00.

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.