Byline Bancorp (NYSE:BY) Raised to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Byline Bancorp from “hold” to “strong buy.” Overall, analysts rate the stock “Moderate Buy,” with an average price target of $43.50.
• Byline Bancorp reported quarterly EPS of $0.94, exceeding the $0.82 consensus estimate, while revenue of $121.01 million also topped expectations.
• Shares opened at $38.66, but insider selling has outweighed buying recently: insiders sold $24.3 million of stock over the past 90 days, while institutional investors own 67.73% of the company.

Byline Bancorp (NYSE:BY - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other research analysts have also issued reports on the company. Weiss Ratings reiterated a "buy (b)" rating on shares of Byline Bancorp in a research report on Friday, August 7th. Stephens lifted their price target on shares of Byline Bancorp from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday. Piper Sandler boosted 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. Raymond James Financial reissued a "market perform" rating on shares of Byline Bancorp in a report on Friday, October 23rd. Finally, Hovde Group upped their price objective on shares of Byline Bancorp from $39.00 to $45.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $43.50.

Byline Bancorp Stock Down 0.1%

Shares of Byline Bancorp stock opened at $38.66 on Tuesday. The firm has a market cap of $1.75 billion, a PE ratio of 11.27 and a beta of 0.73. Byline Bancorp has a twelve month low of $26.39 and a twelve month high of $40.03. The business has a 50-day moving average price of $37.71 and a 200 day moving average price of $34.89.

Byline Bancorp (NYSE:BY - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.82 by $0.12. Byline Bancorp had a return on equity of 12.04% and a net margin of 24.06%. The company had revenue of $121.01 million for the quarter, compared to the consensus estimate of $116.88 million. On average, sell-side analysts expect that Byline Bancorp will post 3.42 EPS for the current year.

Insider Buying and Selling

In other Byline Bancorp news, Director Antonio del Valle Perochena sold 300,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $39.10, for a total value of $11,730,000.00. Following the transaction, the director directly owned 11,535,145 shares of the company's stock, valued at $451,024,169.50. This trade represents a 2.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Investors I. L.P. Mbg sold 300,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $39.10, for a total value of $11,730,000.00. Following the transaction, the insider owned 11,535,145 shares in the company, valued at approximately $451,024,169.50. This represents a 2.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have acquired 1,560 shares of company stock worth $60,138 and have sold 622,171 shares worth $24,328,816. Insiders own 29.09% of the company's stock.

Institutional Investors Weigh In On Byline Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in Byline Bancorp in the 2nd quarter valued at $132,220,000. Dimensional Fund Advisors LP grew its holdings in shares of Byline Bancorp by 1.6% in the first 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. Empowered Funds LLC acquired a new stake in Byline Bancorp during the second quarter worth about $8,031,000. Denali Advisors LLC increased its position in Byline Bancorp by 10.8% during the second quarter. Denali Advisors LLC now owns 185,516 shares of the company's stock worth $6,987,000 after purchasing an additional 18,100 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Byline Bancorp during the second quarter worth about $6,294,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Byline Bancorp Company Profile

Byline Bancorp, Inc is the bank holding company for Byline Bank, a full-service commercial bank headquartered in Chicago, Illinois. The company focuses on serving small and mid-sized businesses, entrepreneurs, commercial real estate investors and consumers through a relationship-based banking model.

Byline Bank offers commercial and industrial lending, commercial real estate financing, small business and SBA loans, business checking and savings accounts, treasury management, and other cash-management services.

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