Byline Bancorp (NYSE:BY) Hits New 12-Month High – Here’s What Happened

Shares of Byline Bancorp, Inc. (NYSE:BY) reached a new 52-week high on Thursday . The company traded as high as $38.83 and last traded at $38.81, with a volume of 87728 shares changing hands. The stock had previously closed at $37.48.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BY. Raymond James Financial initiated coverage on shares of Byline Bancorp in a research note on Wednesday, July 8th. They set a “market perform” rating on the stock. Zacks Research raised shares of Byline Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 23rd. Piper Sandler upped their target price on shares of Byline Bancorp from $37.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Byline Bancorp in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Byline Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $36.00.

Byline Bancorp Price Performance

The business has a 50-day moving average of $35.05 and a 200-day moving average of $32.89. The company has a market capitalization of $1.73 billion, a P/E ratio of 12.41 and a beta of 0.72.

Byline Bancorp (NYSE:BY) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. The business had revenue of $112.40 million for the quarter, compared to analysts’ expectations of $113.89 million. Byline Bancorp had a net margin of 21.86% and a return on equity of 11.56%. Sell-side analysts predict that Byline Bancorp, Inc. will post 3.28 EPS for the current fiscal year.

Byline Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 19th. Investors of record on Tuesday, May 5th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Tuesday, May 5th. Byline Bancorp’s dividend payout ratio is 15.64%.

Hedge Funds Weigh In On Byline Bancorp

Hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position in shares of Byline Bancorp by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,366,600 shares of the company’s stock worth $74,713,000 after purchasing an additional 36,598 shares during the last quarter. Vanguard Group Inc. increased its stake in Byline Bancorp by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 1,822,619 shares of the company’s stock worth $53,129,000 after buying an additional 47,798 shares during the period. State Street Corp increased its stake in Byline Bancorp by 0.9% in the 4th quarter. State Street Corp now owns 997,040 shares of the company’s stock worth $29,064,000 after buying an additional 8,994 shares during the period. Geode Capital Management LLC lifted its holdings in Byline Bancorp by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 764,144 shares of the company’s stock valued at $22,278,000 after buying an additional 13,810 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Byline Bancorp by 31.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 588,359 shares of the company’s stock valued at $16,315,000 after buying an additional 140,219 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

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.