Byline Bancorp (NYSE:BY) to Buyback $2.25 million in Outstanding Shares

Byline Bancorp (NYSE:BY) declared that its Board of Directors has approved a stock buyback program on Thursday, December 11th, RTT News reports. The company plans to buyback $2.25 million in shares. This buyback authorization allows the company to repurchase up to 0.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Byline Bancorp Stock Performance

Shares of BY stock opened at $30.74 on Friday. The company has a market capitalization of $1.41 billion, a PE ratio of 10.94 and a beta of 0.86. Byline Bancorp has a 52-week low of $22.63 and a 52-week high of $31.48. The business’s fifty day moving average is $27.65 and its 200 day moving average is $27.46.

Byline Bancorp (NYSE:BY) last issued its quarterly earnings results on Monday, June 6th. The company reported $0.57 EPS for the quarter. The business had revenue of $72.38 million during the quarter. Byline Bancorp had a return on equity of 11.26% and a net margin of 20.01%. On average, sell-side analysts forecast that Byline Bancorp will post 2.6 EPS for the current fiscal year.

Byline Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 18th. Shareholders of record on Tuesday, November 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.3%. Byline Bancorp’s dividend payout ratio (DPR) is 14.23%.

Analysts Set New Price Targets

Several equities analysts have recently commented on BY shares. Keefe, Bruyette & Woods increased their target price on Byline Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a research note on Monday, October 27th. Piper Sandler increased their price objective on Byline Bancorp from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Byline Bancorp in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $33.25.

Insider Activity at Byline Bancorp

In related news, insider Thomas Abraham sold 23,400 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $26.89, for a total value of $629,226.00. Following the completion of the transaction, the insider owned 38,882 shares of the company’s stock, valued at $1,045,536.98. The trade was a 37.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 28.79% of the company’s stock.

About Byline Bancorp

Byline Bancorp, Inc operates as the bank holding company for Byline Bank that provides various banking products and services for small and medium sized businesses, commercial real estate and financial sponsors, and consumers in the United States. It offers various retail deposit products, including non-interest-bearing accounts, money market demand accounts, savings accounts, interest-bearing checking accounts, and time deposits; ATM and debit cards; and online, mobile, and text banking services, as well as commercial deposits.