Byline Bancorp (NYSE:BY) Price Target Raised to $34.00

Byline Bancorp (NYSE:BY) had its target price raised by Stephens from $33.00 to $34.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

BY has been the topic of several other research reports. Hovde Group upped their price objective on shares of Byline Bancorp from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Keefe, Bruyette & Woods upped their target price on shares of Byline Bancorp from $29.00 to $33.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler reiterated an “overweight” rating and set a $34.00 price target on shares of Byline Bancorp in a research note on Tuesday, October 29th.

Byline Bancorp Price Performance

Shares of Byline Bancorp stock opened at $29.33 on Wednesday. The business has a 50-day simple moving average of $29.57 and a 200 day simple moving average of $28.12. Byline Bancorp has a one year low of $19.70 and a one year high of $32.89. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 10.63 and a beta of 1.15.

Byline Bancorp (NYSE:BY) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Byline Bancorp had a return on equity of 11.61% and a net margin of 19.33%. On average, sell-side analysts expect that Byline Bancorp will post 2.58 EPS for the current year.

Byline Bancorp announced that its board has approved a stock buyback plan on Thursday, December 5th that permits the company to repurchase 1,250,000 shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Byline Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Tuesday, February 4th will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, February 4th. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.36%. Byline Bancorp’s payout ratio is 13.04%.

Hedge Funds Weigh In On Byline Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of BY. PDT Partners LLC increased its position in shares of Byline Bancorp by 87.4% during the third quarter. PDT Partners LLC now owns 37,074 shares of the company’s stock valued at $992,000 after acquiring an additional 17,288 shares during the last quarter. Barclays PLC increased its position in shares of Byline Bancorp by 48.3% during the 3rd quarter. Barclays PLC now owns 58,874 shares of the company’s stock valued at $1,577,000 after purchasing an additional 19,187 shares during the last quarter. State Street Corp increased its position in shares of Byline Bancorp by 6.5% during the 3rd quarter. State Street Corp now owns 845,405 shares of the company’s stock valued at $22,631,000 after purchasing an additional 51,603 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Byline Bancorp by 71.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 557,242 shares of the company’s stock worth $14,917,000 after purchasing an additional 232,530 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Byline Bancorp by 21.4% in the 3rd quarter. Principal Financial Group Inc. now owns 20,164 shares of the company’s stock worth $540,000 after buying an additional 3,550 shares during the last quarter. Hedge funds and other institutional investors 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.