Algert Global LLC Buys Shares of 51,600 Byline Bancorp, Inc. $BY

Key Points

• Algert Global LLC acquired 51,600 Byline Bancorp shares worth approximately $1.94 million, while institutional investors collectively own 67.73% of the company.
• Analyst sentiment is moderately bullish, with a consensus “Moderate Buy” rating and an average price target of $43; Piper Sandler and Hovde Group recently raised their targets to $46 and $45, respectively.
• Byline Bancorp reported quarterly EPS of $0.91, exceeding estimates of $0.79, and increased its quarterly dividend to $0.14, equivalent to a 1.5% annualized yield.

Algert Global LLC purchased a new stake in Byline Bancorp, Inc. (NYSE:BY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 51,600 shares of the company's stock, valued at approximately $1,943,000. Algert Global LLC owned about 0.11% of Byline Bancorp as of its most recent SEC filing.

Several other large investors have also modified their holdings of BY. AQR Capital Management LLC increased its position in shares of Byline Bancorp by 34.4% during the 1st quarter. AQR Capital Management LLC now owns 137,998 shares of the company's stock worth $3,610,000 after purchasing an additional 35,324 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Byline Bancorp by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,491 shares of the company's stock valued at $484,000 after buying an additional 770 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Byline Bancorp by 7.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 76,245 shares of the company's stock worth $1,995,000 after buying an additional 5,213 shares during the period. Jane Street Group LLC boosted its stake in Byline Bancorp by 71.0% during the first quarter. Jane Street Group LLC now owns 152,478 shares of the company's stock worth $3,989,000 after buying an additional 63,317 shares during the period. Finally, Legal & General Group Plc increased its position in shares of Byline Bancorp by 2.5% during the second quarter. Legal & General Group Plc now owns 29,577 shares of the company's stock valued at $791,000 after acquiring an additional 712 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Analysts Set New Price Targets

BY has been the topic of a number of research analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Byline Bancorp in a research note on Friday, August 7th. Zacks Research downgraded shares of Byline Bancorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Raymond James Financial initiated coverage on Byline Bancorp in a research report on Wednesday, July 8th. They issued a "market perform" rating on the stock. Hovde Group upped their price target on Byline Bancorp from $39.00 to $45.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Finally, Piper Sandler raised their price target on Byline Bancorp from $40.00 to $46.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 28th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Byline Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

Insider Activity

In other Byline Bancorp news, major shareholder Investors I. L.P. Mbg sold 300,000 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $39.10, for a total value of $11,730,000.00. Following the sale, the insider directly owned 11,535,145 shares of the company's stock, valued at approximately $451,024,169.50. This represents a 2.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Valle Perochena Antonio Del sold 300,000 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $39.10, for a total transaction of $11,730,000.00. Following the completion of the sale, the director directly owned 11,535,145 shares in the company, valued at approximately $451,024,169.50. This represents a 2.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 622,171 shares of company stock worth $24,328,816 in the last ninety days. 29.09% of the stock is owned by insiders.

Byline Bancorp Stock Up 0.3%

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

Byline Bancorp (NYSE:BY - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.12. The business had revenue of $117.71 million for the quarter, compared to analysts' expectations of $115.78 million. Byline Bancorp had a return on equity of 11.84% and a net margin of 23.36%. On average, analysts expect that Byline Bancorp, Inc. will post 3.35 EPS for the current year.

Byline Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.5%. This is a positive change from Byline Bancorp's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Tuesday, August 4th. Byline Bancorp's dividend payout ratio is 16.92%.

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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