Byline Bancorp, Inc. $BY Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its stake in Byline Bancorp, Inc. (NYSE:BY) by 31.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 588,359 shares of the company’s stock after purchasing an additional 140,219 shares during the period. JPMorgan Chase & Co. owned approximately 1.28% of Byline Bancorp worth $16,315,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BY. Endeavour Capital Advisors Inc. purchased a new position in Byline Bancorp in the 2nd quarter valued at $4,010,000. First Trust Advisors LP raised its position in Byline Bancorp by 93.0% during the 2nd quarter. First Trust Advisors LP now owns 163,685 shares of the company’s stock worth $4,375,000 after buying an additional 78,870 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Byline Bancorp by 71.0% in the 1st quarter. Jane Street Group LLC now owns 152,478 shares of the company’s stock worth $3,989,000 after acquiring an additional 63,317 shares during the period. Qube Research & Technologies Ltd raised its holdings in Byline Bancorp by 32.0% during the second quarter. Qube Research & Technologies Ltd now owns 229,504 shares of the company’s stock worth $6,135,000 after purchasing an additional 55,677 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Byline Bancorp during the second quarter worth about $1,250,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Byline Bancorp Stock Performance

Byline Bancorp stock opened at $31.84 on Wednesday. The company has a market cap of $1.45 billion, a price-to-earnings ratio of 11.06 and a beta of 0.84. The firm has a 50 day moving average price of $31.34 and a 200 day moving average price of $29.30. Byline Bancorp, Inc. has a 1 year low of $22.63 and a 1 year high of $33.89.

Byline Bancorp (NYSE:BY) last announced its earnings results on Thursday, January 22nd. The company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. Byline Bancorp had a net margin of 20.54% and a return on equity of 11.38%. The firm had revenue of $117.01 million during the quarter, compared to analyst estimates of $112.51 million. Sell-side analysts predict that Byline Bancorp, Inc. will post 2.6 EPS for the current year.

Byline Bancorp declared that its Board of Directors has initiated a stock repurchase plan on Thursday, December 11th that permits the company to buyback $2.25 million in outstanding shares. This buyback authorization permits the company to purchase up to 0.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Byline Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 17th. Investors of record on Tuesday, February 3rd were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Tuesday, February 3rd. This is a positive change from Byline Bancorp’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 1.5%. Byline Bancorp’s dividend payout ratio is presently 16.67%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Byline Bancorp in a report on Wednesday, January 21st. Piper Sandler reaffirmed an “overweight” rating and set a $37.00 price objective on shares of Byline Bancorp in a report on Tuesday, January 27th. Finally, Zacks Research raised Byline Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Byline Bancorp presently has a consensus rating of “Buy” and a consensus price target of $33.67.

Byline Bancorp Profile

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.