Byline Bancorp (NYSE:BY) Sets New 52-Week High - Should You Buy?

Key Points

• Byline Bancorp reached a new 52-week high of $39.86, with shares recently trading near $39.82. Analysts have a “Moderate Buy” consensus rating and an average price target of $43.00.
• The company exceeded quarterly expectations, reporting earnings of $0.91 per share versus the $0.79 consensus estimate and revenue of $117.71 million versus $115.78 million expected.
• Byline increased its quarterly dividend to $0.14 per share, or $0.56 annualized, implying a 1.4% yield; institutional investors own 67.73% of the stock.

Byline Bancorp, Inc. (NYSE:BY - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $39.86 and last traded at $39.8230, with a volume of 12887 shares changing hands. The stock had previously closed at $39.27.

Analyst Ratings Changes

A number of research firms recently issued reports on BY. Piper Sandler lifted their target price on Byline Bancorp from $40.00 to $46.00 and gave the company an "overweight" rating in a research report on Tuesday, July 28th. Zacks Research cut Byline Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price target on Byline Bancorp from $37.00 to $41.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Byline Bancorp in a research report on Wednesday, May 13th. Finally, Raymond James Financial started coverage on Byline Bancorp in a research note on Wednesday, July 8th. They set a "market perform" rating on the stock. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Byline Bancorp has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Byline Bancorp Price Performance

The stock has a 50-day moving average price of $36.24 and a 200-day moving average price of $33.55. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of 11.94 and a beta of 0.71.

Byline Bancorp (NYSE:BY - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.79 by $0.12. Byline Bancorp had a return on equity of 11.94% and a net margin of 23.36%.The business had revenue of $117.71 million for the quarter, compared to analyst estimates of $115.78 million. Equities analysts forecast that Byline Bancorp, Inc. will post 3.32 earnings per share for the current year.

Byline Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 18th. Shareholders of record on Tuesday, August 4th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Byline Bancorp's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, August 4th. Byline Bancorp's dividend payout ratio (DPR) is presently 14.50%.

Hedge Funds Weigh In On Byline Bancorp

Several large investors have recently modified their holdings of the stock. Clearstead Advisors LLC lifted its stake in shares of Byline Bancorp by 83.1% during the 4th quarter. Clearstead Advisors LLC now owns 1,578 shares of the company's stock worth $46,000 after buying an additional 716 shares during the last quarter. Royal Bank of Canada grew its stake in Byline Bancorp by 58.3% in the 1st quarter. Royal Bank of Canada now owns 2,332 shares of the company's stock valued at $73,000 after buying an additional 859 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in 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 acquiring an additional 313 shares during the period. Russell Investments Group Ltd. raised its holdings in Byline Bancorp by 1,572.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,860 shares of the company's stock valued at $79,000 after acquiring an additional 2,689 shares during the period. Finally, New York State Teachers Retirement System lifted its position 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 worth $83,000 after acquiring an additional 398 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

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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