Byline Bancorp (NYSE:BY) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Byline Bancorp from strong-buy to hold, adding to a mixed analyst picture for the stock.
• The company’s overall analyst consensus remains Hold, with a $36.00 consensus target price; recent reports from Raymond James, Piper Sandler, and Weiss Ratings have been mixed.
• Byline Bancorp reported better-than-expected quarterly earnings, posting $0.91 EPS versus the $0.79 estimate, while revenue also slightly topped forecasts at $117.71 million.

Byline Bancorp (NYSE:BY - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

BY has been the topic of several other research reports. Raymond James Financial started coverage on shares of Byline Bancorp in a research report on Wednesday, July 8th. They set a "market perform" rating on the stock. Piper Sandler boosted their target price on shares of Byline Bancorp from $37.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Byline Bancorp in a research note on Wednesday, May 13th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $36.00.

Byline Bancorp Trading Down 0.3%

Shares of NYSE:BY opened at $37.62 on Wednesday. Byline Bancorp has a 1 year low of $25.38 and a 1 year high of $38.88. The business has a fifty day simple moving average of $35.47 and a 200 day simple moving average of $33.16. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 12.26 and a beta of 0.72.

Byline Bancorp (NYSE:BY - Get Free Report) last issued its earnings results on Thursday, July 23rd. The company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.79 by $0.12. Byline Bancorp had a return on equity of 11.56% and a net margin of 21.86%.The firm had revenue of $117.71 million for the quarter, compared to the consensus estimate of $115.78 million. On average, sell-side analysts forecast that Byline Bancorp will post 3.28 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Clearstead Advisors LLC lifted its stake in shares of Byline Bancorp by 83.1% in the fourth quarter. Clearstead Advisors LLC now owns 1,578 shares of the company's stock valued at $46,000 after buying an additional 716 shares during the period. Parkside Financial Bank & Trust increased its stake in Byline Bancorp by 15.1% during the fourth 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. Royal Bank of Canada raised its holdings 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 acquiring an additional 859 shares in the last quarter. 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 in the last quarter. Finally, New York State Teachers Retirement System lifted its position in shares of Byline Bancorp by 16.1% in the 4th 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 period. 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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