3,510,896 Shares in Byline Bancorp, Inc. $BY Bought by BlackRock Inc.

Key Points

• BlackRock acquired 3.51 million Byline Bancorp shares worth approximately $132.2 million, giving it a 7.73% stake. Institutional investors collectively own 67.73% of the company.
• Byline Bancorp exceeded quarterly expectations, reporting $0.91 EPS versus the $0.79 consensus and $117.71 million in revenue. The company also raised its quarterly dividend to $0.14 per share, implying a 1.5% yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $43, while company insiders sold shares totaling about $24.3 million over the past three months.

BlackRock Inc. bought a new stake in shares of Byline Bancorp, Inc. (NYSE:BY - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,510,896 shares of the company's stock, valued at approximately $132,220,000. BlackRock Inc. owned 7.73% of Byline Bancorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in Byline Bancorp by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,366,600 shares of the company's stock worth $74,713,000 after acquiring an additional 36,598 shares during the last quarter. Vanguard Group Inc. grew its position in Byline Bancorp by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 1,822,619 shares of the company's stock valued at $53,129,000 after buying an additional 47,798 shares during the last quarter. State Street Corp increased its stake in shares of Byline Bancorp by 0.9% during the fourth quarter. State Street Corp now owns 997,040 shares of the company's stock worth $29,064,000 after acquiring an additional 8,994 shares during the period. Geode Capital Management LLC lifted its stake in shares of Byline Bancorp by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 764,144 shares of the company's stock valued at $22,278,000 after purchasing an additional 13,810 shares during the period. Finally, Federated Hermes Inc. grew its stake in Byline Bancorp by 16.7% in the 4th quarter. Federated Hermes Inc. now owns 573,652 shares of the company's stock valued at $16,722,000 after acquiring an additional 82,142 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Byline Bancorp Stock Performance

BY opened at $38.38 on Friday. The firm has a market capitalization of $1.73 billion, a PE ratio of 11.60 and a beta of 0.71. The company has a fifty day moving average price of $38.14 and a two-hundred day moving average price of $34.55. Byline Bancorp, Inc. has a 52 week low of $25.57 and a 52 week high of $40.03.

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 the consensus estimate of $0.79 by $0.12. The firm had revenue of $117.71 million for the quarter, compared to analyst estimates of $115.78 million. Byline Bancorp had a return on equity of 11.84% and a net margin of 23.36%. Equities analysts forecast that Byline Bancorp, Inc. will post 3.35 EPS for the current year.

Byline Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 18th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.14 per share. The ex-dividend date was Tuesday, August 4th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.5%. This is a boost from Byline Bancorp's previous quarterly dividend of $0.12. Byline Bancorp's dividend payout ratio is 16.92%.

Insider Buying and Selling at Byline Bancorp

In other news, CEO Roberto R. Herencia sold 19,750 shares of the firm's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $39.21, for a total transaction of $774,397.50. Following the completion of the transaction, the chief executive officer owned 411,643 shares of the company's stock, valued at approximately $16,140,522.03. This trade represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Rose sold 2,421 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $39.00, for a total transaction of $94,419.00. Following the sale, the insider owned 11,605 shares of the company's stock, valued at approximately $452,595. This trade represents a 17.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 622,171 shares of company stock valued at $24,328,816 in the last three months. Corporate insiders own 29.09% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Stephens set a $40.00 target price on Byline Bancorp in a research report on Monday, July 27th. 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 note on Tuesday, July 28th. Hovde Group boosted their target price on shares of Byline Bancorp from $39.00 to $45.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods raised their target price on shares of Byline Bancorp from $37.00 to $41.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Finally, Zacks Research downgraded shares of Byline Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $43.00.

Byline Bancorp Profile

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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