Byline Bancorp (NYSE:BY) Upgraded at Zacks Research

Zacks Research upgraded shares of Byline Bancorp (NYSE:BY) from a hold rating to a strong-buy rating in a research note released on Tuesday,Zacks.com reports.

Several other analysts also recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $37.00 target price on shares of Byline Bancorp in a report on Tuesday. Keefe, Bruyette & Woods raised their price objective on shares of Byline Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a research report on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Byline Bancorp in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $33.67.

Byline Bancorp Trading Up 2.7%

Shares of BY stock opened at $31.83 on Tuesday. The company has a market capitalization of $1.46 billion, a P/E ratio of 11.05 and a beta of 0.86. The business’s 50 day moving average is $29.86 and its two-hundred day moving average is $28.36. Byline Bancorp has a twelve month low of $22.63 and a twelve month high of $32.14.

Byline Bancorp (NYSE:BY) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.04. Byline Bancorp had a return on equity of 11.38% and a net margin of 20.54%.The firm had revenue of $117.01 million during the quarter, compared to the consensus estimate of $112.51 million. As a group, equities analysts predict that Byline Bancorp will post 2.6 earnings per share for the current fiscal year.

Byline Bancorp announced that its board has initiated a share buyback plan on Thursday, December 11th that authorizes the company to buyback $2.25 million in shares. This buyback authorization authorizes the company to repurchase up to 0.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Byline Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Tuesday, February 3rd will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.5%. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Tuesday, February 3rd. Byline Bancorp’s dividend payout ratio is 13.89%.

Institutional Investors Weigh In On Byline Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in Byline Bancorp by 99.5% during the third quarter. EverSource Wealth Advisors LLC now owns 1,095 shares of the company’s stock worth $30,000 after purchasing an additional 546 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Byline Bancorp in the third quarter valued at $46,000. Farther Finance Advisors LLC acquired a new position in shares of Byline Bancorp during the 2nd quarter worth $64,000. Russell Investments Group Ltd. raised its stake in shares of Byline Bancorp by 1,572.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,860 shares of the company’s stock worth $79,000 after buying an additional 2,689 shares during the last quarter. Finally, CWM LLC boosted its position in shares of Byline Bancorp by 59.5% in the 2nd quarter. CWM LLC now owns 3,650 shares of the company’s stock worth $98,000 after buying an additional 1,362 shares in the last quarter. Institutional investors and hedge funds 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.