Byline Bancorp (NYSE:BY) Reaches New 1-Year High Following Analyst Upgrade

Shares of Byline Bancorp, Inc. (NYSE:BY) hit a new 52-week high on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $35.92 and last traded at $35.9270, with a volume of 49521 shares changing hands. The stock had previously closed at $35.48.

A number of other equities analysts also recently commented on the stock. Piper Sandler raised 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Byline Bancorp in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $36.00.

Hedge Funds Weigh In On Byline Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of BY. EverSource Wealth Advisors LLC grew its position in Byline Bancorp by 99.5% in the third quarter. EverSource Wealth Advisors LLC now owns 1,095 shares of the company’s stock valued at $30,000 after acquiring an additional 546 shares in the last quarter. Clearstead Advisors LLC lifted its position in shares of Byline Bancorp by 83.1% during the fourth 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 lifted its position in shares of 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 purchasing an additional 313 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Byline Bancorp by 58.3% in the first quarter. Royal Bank of Canada now owns 2,332 shares of the company’s stock valued at $73,000 after purchasing an additional 859 shares during the period. Finally, Russell Investments Group Ltd. boosted 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 purchasing an additional 2,689 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Byline Bancorp Stock Up 1.5%

The firm’s 50 day moving average price is $33.55 and its two-hundred day moving average price is $32.03. The firm has a market capitalization of $1.66 billion, a PE ratio of 11.90 and a beta of 0.75.

Byline Bancorp (NYSE:BY) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.09. The firm had revenue of $112.40 million for the quarter, compared to the consensus estimate of $113.89 million. Byline Bancorp had a net margin of 21.86% and a return on equity of 11.56%. On average, sell-side analysts anticipate that Byline Bancorp, Inc. will post 3.28 earnings per share for the current fiscal year.

Byline Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 19th. Stockholders of record on Tuesday, May 5th were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, May 5th. Byline Bancorp’s payout ratio is presently 15.64%.

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.