Byline Bancorp (NYSE:BY) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of Byline Bancorp (NYSE:BY) from a strong-buy rating to a hold rating in a report released on Wednesday morning,Zacks.com reports.

A number of other equities research analysts also recently commented on the company. Piper Sandler upped their price objective on Byline Bancorp from $37.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Raymond James Financial initiated coverage on Byline Bancorp in a research note on Wednesday, July 8th. They issued a “market perform” rating on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Byline Bancorp in a report on Wednesday, May 13th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $36.00.

Byline Bancorp Stock Performance

BY opened at $37.62 on Wednesday. The company has a fifty day moving average price of $35.47 and a two-hundred day moving average price of $33.16. The firm has a market capitalization of $1.71 billion, a PE ratio of 12.26 and a beta of 0.72. Byline Bancorp has a 52 week low of $25.38 and a 52 week high of $38.88.

Byline Bancorp (NYSE:BY) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.12. Byline Bancorp had a return on equity of 11.56% and a net margin of 21.86%.The company had revenue of $117.71 million for the quarter, compared to the consensus estimate of $115.78 million. Equities analysts forecast that Byline Bancorp will post 3.28 EPS for the current year.

Byline Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 18th. Shareholders of record on Tuesday, August 4th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.5%. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date is Tuesday, August 4th. Byline Bancorp’s dividend payout ratio (DPR) is 15.64%.

Hedge Funds Weigh In On Byline Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in shares of Byline Bancorp by 34.4% in the 1st quarter. AQR Capital Management LLC now owns 137,998 shares of the company’s stock valued at $3,610,000 after buying an additional 35,324 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Byline Bancorp by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,491 shares of the company’s stock worth $484,000 after acquiring an additional 770 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Byline Bancorp by 7.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 76,245 shares of the company’s stock valued at $1,995,000 after acquiring an additional 5,213 shares during the period. Jane Street Group LLC grew its stake in Byline Bancorp by 71.0% in the first quarter. Jane Street Group LLC now owns 152,478 shares of the company’s stock valued at $3,989,000 after acquiring an additional 63,317 shares during the period. Finally, Legal & General Group Plc grew its stake in Byline Bancorp by 2.5% in the second quarter. Legal & General Group Plc now owns 29,577 shares of the company’s stock valued at $791,000 after acquiring an additional 712 shares during the period. 67.73% of the stock is owned by institutional investors.

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.