Byline Bancorp (NYSE:BY) Sets New 12-Month High Following Better-Than-Expected Earnings

Key Points

• Byline Bancorp hit a new 52-week high after reporting quarterly earnings that beat expectations, with EPS of $0.91 versus the $0.79 consensus estimate. Revenue also came in above forecasts at $117.71 million.
• The company announced a higher quarterly dividend of $0.14 per share, up from $0.12 previously, for an annualized yield of about 1.4%.
• Analyst views remain mixed: Piper Sandler raised its price target to $40 and kept an overweight rating, while the overall consensus from MarketBeat is still Hold with a $36 price target.

Byline Bancorp, Inc. (NYSE:BY - Get Free Report) hit a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $39.13 and last traded at $39.1490, with a volume of 79977 shares traded. The stock had previously closed at $37.64.

The company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.12. The company had revenue of $117.71 million during the quarter, compared to the consensus estimate of $115.78 million. Byline Bancorp had a return on equity of 11.56% and a net margin of 21.86%.

Byline Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th will be given a $0.14 dividend. The ex-dividend date is Tuesday, August 4th. This is a positive change from Byline Bancorp's previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a yield of 1.4%. Byline Bancorp's dividend payout ratio is 15.64%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports 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. Raymond James Financial initiated coverage on shares of Byline Bancorp in a research note on Wednesday, July 8th. They set a "market perform" rating for the company. Weiss Ratings restated a "buy (b)" rating on shares of Byline Bancorp in a report on Wednesday, May 13th. Finally, Zacks Research cut shares of Byline Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $36.00.

Hedge Funds Weigh In On Byline Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC increased its stake in shares of Byline Bancorp by 83.1% in the 4th quarter. Clearstead Advisors LLC now owns 1,578 shares of the company's stock valued at $46,000 after acquiring an additional 716 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in Byline Bancorp by 15.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,381 shares of the company's stock worth $69,000 after acquiring an additional 313 shares during the last quarter. Royal Bank of Canada boosted its stake in Byline Bancorp by 58.3% during the 1st quarter. Royal Bank of Canada now owns 2,332 shares of the company's stock worth $73,000 after acquiring an additional 859 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Byline Bancorp by 1,572.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,860 shares of the company's stock worth $79,000 after acquiring an additional 2,689 shares during the last quarter. Finally, New York State Teachers Retirement System grew its holdings in Byline Bancorp by 16.1% during the fourth quarter. New York State Teachers Retirement System now owns 2,864 shares of the company's stock valued at $83,000 after purchasing an additional 398 shares during the period. Institutional investors own 67.73% of the company's stock.

Byline Bancorp Stock Up 4.5%

The stock has a market cap of $1.79 billion, a price-to-earnings ratio of 12.77 and a beta of 0.72. The stock's fifty day moving average is $35.47 and its 200-day moving average is $33.16.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.