Bank of America Corp DE Buys New Position in Byline Bancorp, Inc. $BY

Key Points

• Bank of America purchased 151,407 shares of Byline Bancorp in the second quarter, valued at approximately $5.7 million. Several other institutional investors also opened positions, with institutions and hedge funds collectively owning 67.73% of the stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $43.00. Recent targets range from $41 to $46.
• Byline Bancorp exceeded quarterly earnings expectations, reporting $0.91 in EPS versus the $0.79 consensus estimate, and increased its quarterly dividend to $0.14, or $0.56 annually.

Bank of America Corp DE purchased a new position in shares of Byline Bancorp, Inc. (NYSE:BY - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 151,407 shares of the company's stock, valued at approximately $5,702,000. Bank of America Corp DE owned about 0.34% of Byline Bancorp at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of BY. Man Group plc acquired a new position in shares of Byline Bancorp during the second quarter worth about $3,345,000. Jupiter Topco LLC purchased a new position in shares of Byline Bancorp during the 2nd quarter worth approximately $390,000. Hsbc Holdings PLC purchased a new position in shares of Byline Bancorp during the 2nd quarter worth approximately $1,007,000. PDT Partners LLC acquired a new stake in shares of Byline Bancorp in the 2nd quarter valued at approximately $1,029,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Byline Bancorp in the 2nd quarter valued at approximately $979,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Byline Bancorp

In related news, insider Dana Rose sold 2,421 shares of Byline Bancorp stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 11,605 shares in the company, valued at $452,595. The trade was a 17.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Roberto R. Herencia sold 19,750 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $39.21, for a total value of $774,397.50. Following the completion of the sale, the chief executive officer directly owned 411,643 shares in the company, valued at approximately $16,140,522.03. The trade was a 4.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 622,171 shares of company stock worth $24,328,816 over the last ninety days. 29.09% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Hovde Group upped their price objective on Byline Bancorp from $39.00 to $45.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Keefe, Bruyette & Woods raised their target price on Byline Bancorp from $37.00 to $41.00 and gave the company a "market perform" rating in a report on Monday, July 27th. Raymond James Financial initiated coverage on shares of Byline Bancorp in a research report on Wednesday, July 8th. They set a "market perform" rating on the stock. Zacks Research cut shares of Byline Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Finally, Piper Sandler increased their price target on shares of Byline Bancorp from $40.00 to $46.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Byline Bancorp Stock Performance

Shares of BY stock opened at $37.49 on Monday. The stock has a fifty day moving average price of $38.41 and a 200 day moving average price of $35.36. The stock has a market cap of $1.69 billion, a PE ratio of 11.33 and a beta of 0.71. Byline Bancorp, Inc. has a 1 year low of $25.57 and a 1 year 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 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.12. The company had revenue of $117.71 million for the quarter, compared to the consensus estimate of $115.78 million. Byline Bancorp had a return on equity of 11.84% and a net margin of 23.36%. As a group, equities research analysts predict that Byline Bancorp, Inc. will post 3.36 earnings per share for the current year.

Byline Bancorp Increases Dividend

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

About Byline Bancorp

Byline Bancorp, Inc is the parent company of Byline Bank, a full-service commercial bank headquartered in Chicago, Illinois. The bank provides banking and financial services to small and medium-sized businesses, professionals, and individuals, with a focus on building long-term relationships in the communities it serves.

Byline Bank offers business and personal deposit accounts, commercial and industrial loans, commercial real estate financing, small business lending, residential and consumer loans, treasury management, and other cash-management services.

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