Byline Bancorp (NYSE:BY) Raised to Strong-Buy at Zacks Research

Byline Bancorp (NYSE:BY) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks reports.

Several other brokerages have also commented on BY. Raymond James Financial reaffirmed a “market perform” rating on shares of Byline Bancorp in a research note on Friday, October 23rd. Stephens increased their price target on Byline Bancorp from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday. Weiss Ratings reissued a “buy (b)” rating on shares of Byline Bancorp in a research report on Friday, August 7th. Hovde Group raised their price objective on Byline Bancorp from $39.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Byline Bancorp from $37.00 to $41.00 and gave the company a “market perform” rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $43.50.

Byline Bancorp Stock Performance

BY opened at $38.66 on Tuesday. Byline Bancorp has a one year low of $26.39 and a one year high of $40.03. The stock has a market capitalization of $1.75 billion, a PE ratio of 11.27 and a beta of 0.73. The business’s 50 day moving average price is $37.71 and its 200 day moving average price is $34.89.

Byline Bancorp (NYSE:BY) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.12. The company had revenue of $121.01 million during the quarter, compared to analyst estimates of $116.88 million. Byline Bancorp had a return on equity of 12.04% and a net margin of 24.06%. As a group, equities research analysts forecast that Byline Bancorp will post 3.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Pamela Stewart acquired 1,160 shares of the business’s stock in a transaction that occurred on Monday, October 26th. The shares were purchased at an average price of $38.61 per share, for a total transaction of $44,787.60. Following the acquisition, the director owned 7,496 shares of the company’s stock, valued at $289,420.56. This represents a 18.31% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Roberto Herencia sold 19,750 shares of the business’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $39.21, for a total value of $774,397.50. Following the completion of the sale, the chief executive officer owned 411,643 shares in the company, valued at $16,140,522.03. This represents a 4.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders acquired 1,560 shares of company stock valued at $60,138 and sold 622,171 shares valued at $24,328,816. Corporate insiders own 29.09% of the company’s stock.

Hedge Funds Weigh In On Byline Bancorp

Several institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in shares of Byline Bancorp by 72.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 4,422 shares of the company’s stock valued at $163,000 after purchasing an additional 1,863 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Byline Bancorp in the 3rd quarter valued at $736,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Byline Bancorp during the 2nd quarter worth $627,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Byline Bancorp during the 2nd quarter worth $130,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Byline Bancorp during the 2nd quarter worth $236,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Byline Bancorp Company Profile

Byline Bancorp, Inc is the bank holding company for Byline Bank, a full-service commercial bank headquartered in Chicago, Illinois. The company focuses on serving small and mid-sized businesses, entrepreneurs, commercial real estate investors and consumers through a relationship-based banking model.

Byline Bank offers commercial and industrial lending, commercial real estate financing, small business and SBA loans, business checking and savings accounts, treasury management, and other cash-management services.