Byline Bancorp (NYSE:BY) Reaches New 52-Week High - Time to Buy?

Key Points

• Byline Bancorp hit a new 52-week high, trading as high as $38.83 and ending near $38.81, up about 3.3% on the day. The move came on volume of 87,728 shares.
• Analyst sentiment has been supportive, with Piper Sandler raising its target to $40 and Zacks upgrading the stock to strong-buy. MarketBeat says the consensus rating is Moderate Buy with an average target price of $36.00.
• The bank recently beat quarterly EPS expectations, reporting $0.83 per share versus the $0.74 estimate, and it also pays a quarterly dividend of $0.12, or $0.48 annualized for a 1.2% yield.

Byline Bancorp, Inc. (NYSE:BY - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $38.83 and last traded at $38.81, with a volume of 87728 shares. The stock had previously closed at $37.48.

Wall Street Analyst Weigh In

BY has been the subject of several research reports. Piper Sandler raised their price objective on shares of Byline Bancorp from $37.00 to $40.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Byline Bancorp in a report on Wednesday, May 13th. Zacks Research upgraded shares of Byline Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 23rd. Finally, Raymond James Financial initiated coverage on Byline Bancorp in a research note on Wednesday, July 8th. They issued a "market perform" rating for the company. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $36.00.

Byline Bancorp Trading Up 3.3%

The firm's fifty day moving average price is $34.84 and its 200-day moving average price is $32.79. The company has a market cap of $1.76 billion, a P/E ratio of 12.62 and a beta of 0.72.

Byline Bancorp (NYSE:BY - Get Free Report) last issued its earnings results on Thursday, April 23rd. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. The business 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 forecast that Byline Bancorp, Inc. will post 3.28 earnings per share for the current fiscal year.

Byline Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 19th. Shareholders of record on Tuesday, May 5th were paid a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.48 annualized dividend and a yield of 1.2%. Byline Bancorp's dividend payout ratio is presently 15.64%.

Institutional Investors Weigh In On Byline Bancorp

A number of hedge funds have recently modified their holdings of the business. Parkside Financial Bank & Trust raised its holdings in shares of Byline Bancorp by 15.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,381 shares of the company's stock valued at $69,000 after purchasing an additional 313 shares during the period. New York State Teachers Retirement System raised its stake in 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 during the period. Invesco Ltd. boosted its stake in shares of Byline Bancorp by 1.2% during the 4th quarter. Invesco Ltd. now owns 51,138 shares of the company's stock worth $1,491,000 after acquiring an additional 586 shares during the period. Strs Ohio increased its holdings in shares of Byline Bancorp by 5.4% during the 4th quarter. Strs Ohio now owns 11,700 shares of the company's stock worth $341,000 after acquiring an additional 600 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Byline Bancorp by 2.7% during the 4th quarter. CWM LLC now owns 25,016 shares of the company's stock worth $729,000 after acquiring an additional 657 shares during 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.

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