Short Interest in Byline Bancorp, Inc. (NYSE:BY) Rises By 7.6%

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

Wall Street Analysts Forecast Growth

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

Byline Bancorp Price Performance

Shares of NYSE:BY opened at $29.00 on Thursday. The company has a market capitalization of $1.29 billion, a PE ratio of 10.55 and a beta of 1.15. Byline Bancorp has a 1 year low of $19.70 and a 1 year high of $32.89. The business has a fifty day moving average price of $30.08 and a two-hundred day moving average price of $27.41.

Byline Bancorp declared that its board has authorized a share buyback plan on Thursday, December 5th that authorizes the company to repurchase 1,250,000 outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Byline Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Tuesday, November 5th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.36 dividend on an annualized basis and a yield of 1.24%. Byline Bancorp’s dividend payout ratio (DPR) is presently 13.09%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BY. Point72 Asset Management L.P. bought a new position in shares of Byline Bancorp during the 2nd quarter worth $26,000. Ashton Thomas Private Wealth LLC purchased a new stake in Byline Bancorp during the second quarter valued at about $61,000. New York State Teachers Retirement System boosted its position in Byline Bancorp by 25.3% during the third quarter. New York State Teachers Retirement System now owns 2,842 shares of the company’s stock worth $76,000 after purchasing an additional 574 shares during the period. nVerses Capital LLC purchased a new position in shares of Byline Bancorp in the second quarter worth about $88,000. Finally, US Bancorp DE increased its stake in shares of Byline Bancorp by 995.8% in the third quarter. US Bancorp DE now owns 4,646 shares of the company’s stock worth $124,000 after purchasing an additional 4,222 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Byline Bancorp Company Profile

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.