Hovde Group Issues Positive Forecast for Byline Bancorp (NYSE:BY) Stock Price

Byline Bancorp (NYSE:BY) had its price target increased by Hovde Group from $39.00 to $45.00 in a report issued on Monday morning, MarketBeat Ratings reports. The brokerage currently has an outperform rating on the stock.

Several other research analysts have also recently weighed in on the company. Zacks Research cut Byline Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Raymond James Financial began coverage on shares of Byline Bancorp in a report on Wednesday, July 8th. They issued a “market perform” rating for the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Byline Bancorp in a research note on Wednesday, May 13th. Finally, Piper Sandler increased their target price on shares of Byline Bancorp from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $41.50.

Byline Bancorp Price Performance

NYSE BY opened at $38.60 on Monday. Byline Bancorp has a 12 month low of $25.38 and a 12 month high of $39.51. The firm has a market capitalization of $1.75 billion, a PE ratio of 11.66 and a beta of 0.72. The company’s 50 day simple moving average is $35.73 and its 200 day simple moving average is $33.28.

Byline Bancorp (NYSE:BY) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.12. Byline Bancorp had a return on equity of 11.94% and a net margin of 23.36%.The firm had revenue of $117.71 million during the quarter, compared to analyst estimates of $115.78 million. Sell-side analysts anticipate that Byline Bancorp will post 3.28 earnings per share for the current fiscal year.

Byline Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 18th. Stockholders of record on Tuesday, August 4th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.5%. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, August 4th. Byline Bancorp’s payout ratio is 14.50%.

Institutional Investors Weigh In On Byline Bancorp

A number of institutional investors have recently bought and sold shares of BY. Empowered Funds LLC lifted its position in shares of Byline Bancorp by 5.0% in the first quarter. Empowered Funds LLC now owns 202,525 shares of the company’s stock worth $6,394,000 after purchasing an additional 9,600 shares in the last quarter. Bank of America Corp DE increased its stake in Byline Bancorp by 11.3% in the 1st quarter. Bank of America Corp DE now owns 135,836 shares of the company’s stock valued at $4,288,000 after buying an additional 13,763 shares during the period. Royal Bank of Canada lifted its position in Byline Bancorp by 58.3% in the 1st quarter. Royal Bank of Canada now owns 2,332 shares of the company’s stock worth $73,000 after buying an additional 859 shares in the last quarter. Quantinno Capital Management LP boosted its stake in shares of Byline Bancorp by 18.5% during the 1st quarter. Quantinno Capital Management LP now owns 19,396 shares of the company’s stock valued at $612,000 after buying an additional 3,026 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Byline Bancorp by 2.1% during the 1st quarter. First Trust Advisors LP now owns 86,509 shares of the company’s stock valued at $2,731,000 after acquiring an additional 1,779 shares in the last quarter. 67.73% of the stock is currently 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. 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.