Man Group plc Invests $3.35 Million in Byline Bancorp, Inc. $BY

Man Group plc acquired a new position in shares of Byline Bancorp, Inc. (NYSE:BY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 88,827 shares of the company’s stock, valued at approximately $3,345,000. Man Group plc owned 0.20% of Byline Bancorp as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in Byline Bancorp during the 2nd quarter worth about $132,220,000. Dimensional Fund Advisors LP lifted its stake in shares of Byline Bancorp by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,366,600 shares of the company’s stock valued at $74,713,000 after purchasing an additional 36,598 shares during the period. Vanguard Group Inc. boosted its position in shares of Byline Bancorp by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 1,822,619 shares of the company’s stock valued at $53,129,000 after purchasing an additional 47,798 shares in the last quarter. State Street Corp boosted its position in shares of Byline Bancorp by 0.9% during the 4th quarter. State Street Corp now owns 997,040 shares of the company’s stock valued at $29,064,000 after purchasing an additional 8,994 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Byline Bancorp by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 764,144 shares of the company’s stock worth $22,278,000 after purchasing an additional 13,810 shares during the period. Institutional investors own 67.73% of the company’s stock.

Wall Street Analysts Forecast Growth

BY has been the topic of a number of research analyst reports. Raymond James Financial assumed coverage on Byline Bancorp in a report on Wednesday, July 8th. They set a “market perform” rating on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Byline Bancorp from $37.00 to $41.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Stephens set a $40.00 target price on shares of Byline Bancorp in a research report on Monday, July 27th. Zacks Research lowered shares of Byline Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Finally, Piper Sandler raised their price target on shares of Byline Bancorp from $40.00 to $46.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Byline Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Byline Bancorp Price Performance

Shares of NYSE BY opened at $37.94 on Tuesday. The company has a 50-day moving average price of $38.19 and a 200-day moving average price of $34.59. The stock has a market capitalization of $1.71 billion, a P/E ratio of 11.46 and a beta of 0.71. Byline Bancorp, Inc. has a 1 year low of $25.57 and a 1 year high of $40.03.

Byline Bancorp (NYSE:BY) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.12. The business had revenue of $117.71 million for the quarter, compared to analysts’ expectations of $115.78 million. Byline Bancorp had a net margin of 23.36% and a return on equity of 11.84%. As a group, equities research analysts anticipate that Byline Bancorp, Inc. will post 3.35 earnings per share for the current fiscal year.

Byline Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Tuesday, August 4th. This is an increase from Byline Bancorp’s previous quarterly dividend of $0.12. Byline Bancorp’s payout ratio is currently 16.92%.

Insider Buying and Selling

In related news, CEO Roberto R. Herencia sold 19,750 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $39.21, for a total transaction of $774,397.50. Following the transaction, the chief executive officer directly owned 411,643 shares of the company’s stock, valued at $16,140,522.03. This trade represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Investors I. L.P. Mbg sold 300,000 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $39.10, for a total transaction of $11,730,000.00. Following the completion of the sale, the insider directly owned 11,535,145 shares of the company’s stock, valued at $451,024,169.50. The trade was a 2.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 622,171 shares of company stock valued at $24,328,816. 29.09% of the stock is owned by corporate insiders.

Byline Bancorp 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.