Byline Bancorp (NYSE:BY) Hits New 1-Year High – Here’s Why

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

Wall Street Analysts Forecast Growth

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

Byline Bancorp Stock Up 3.3%

The firm has a market capitalization of $1.76 billion, a P/E ratio of 12.62 and a beta of 0.72. The firm has a 50 day moving average of $34.84 and a 200-day moving average of $32.79.

Byline Bancorp (NYSE:BY) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.09. The company had revenue of $112.40 million for the quarter, compared to analyst estimates of $113.89 million. Byline Bancorp had a net margin of 21.86% and a return on equity of 11.56%. As a group, research analysts expect that Byline Bancorp, Inc. will post 3.28 EPS for the current year.

Byline Bancorp Dividend Announcement

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 dividend of $0.12 per share. The ex-dividend date was Tuesday, May 5th. This represents a $0.48 dividend on an annualized basis and a yield of 1.2%. Byline Bancorp’s payout ratio is currently 15.64%.

Institutional Trading of Byline Bancorp

Large investors have recently modified their holdings of the stock. Clearstead Advisors LLC lifted its holdings in shares of Byline Bancorp by 83.1% in the 4th quarter. Clearstead Advisors LLC now owns 1,578 shares of the company’s stock worth $46,000 after purchasing an additional 716 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in Byline Bancorp by 15.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,381 shares of the company’s stock worth $69,000 after buying an additional 313 shares during the last quarter. Royal Bank of Canada raised its holdings in Byline Bancorp by 58.3% during the first quarter. Royal Bank of Canada now owns 2,332 shares of the company’s stock worth $73,000 after buying an additional 859 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Byline Bancorp by 1,572.5% in the third quarter. Russell Investments Group Ltd. now owns 2,860 shares of the company’s stock valued at $79,000 after buying an additional 2,689 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its stake in shares of Byline Bancorp by 16.1% in the fourth quarter. New York State Teachers Retirement System now owns 2,864 shares of the company’s stock valued at $83,000 after buying an additional 398 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.