Byline Bancorp, Inc. (NYSE:BY) Sees Large Growth in Short Interest

Byline Bancorp, Inc. (NYSE:BY) was the recipient of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 525,000 shares, an increase of 7.6% from the November 30th total of 487,700 shares. Approximately 2.1% of the company’s shares are sold short. Based on an average trading volume of 148,800 shares, the days-to-cover ratio is currently 3.5 days.

Byline Bancorp Trading Up 0.1 %

BY stock opened at $29.00 on Thursday. Byline Bancorp has a 1-year low of $19.70 and a 1-year high of $32.89. The stock has a 50-day moving average price of $30.08 and a 200-day moving average price of $27.41. The firm has a market cap of $1.29 billion, a PE ratio of 10.55 and a beta of 1.15.

Byline Bancorp announced that its board has authorized a stock repurchase plan on Thursday, December 5th that authorizes the company to repurchase 1,250,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Byline Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.24%. The ex-dividend date was Tuesday, November 5th. Byline Bancorp’s dividend payout ratio (DPR) is presently 13.09%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Keefe, Bruyette & Woods lifted their price objective 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 restated an “overweight” rating and set a $34.00 price target on shares of Byline Bancorp in a report on Tuesday, October 29th.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of BY. Point72 Asset Management L.P. acquired a new position in Byline Bancorp during the 2nd quarter worth approximately $26,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Byline Bancorp in the 2nd quarter worth $61,000. New York State Teachers Retirement System grew its position in Byline Bancorp by 25.3% in the 3rd quarter. New York State Teachers Retirement System now owns 2,842 shares of the company’s stock valued at $76,000 after purchasing an additional 574 shares during the period. nVerses Capital LLC bought a new stake in Byline Bancorp during the 2nd quarter valued at $88,000. Finally, US Bancorp DE raised its holdings in Byline Bancorp by 995.8% during the third quarter. US Bancorp DE now owns 4,646 shares of the company’s stock worth $124,000 after buying an additional 4,222 shares during the last quarter. 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.