Bank of New York Mellon Corp Purchases Shares of 167,130 Byline Bancorp, Inc. $BY

Key Points

• Bank of New York Mellon acquired 167,130 Byline Bancorp shares worth approximately $6.3 million, while institutional investors collectively own 67.73% of the company.
• Byline Bancorp reported quarterly EPS of $0.91, exceeding the $0.79 consensus estimate, and revenue of $117.71 million. The company also increased its quarterly dividend to $0.14 per share.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $43, although insiders sold 622,171 shares worth roughly $24.3 million over the past three months.

Bank of New York Mellon Corp acquired a new stake in Byline Bancorp, Inc. (NYSE:BY - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 167,130 shares of the company's stock, valued at approximately $6,294,000. Bank of New York Mellon Corp owned 0.37% of Byline Bancorp at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. acquired a new stake in shares of Byline Bancorp in the first quarter valued at approximately $1,466,000. Hsbc Holdings PLC increased its holdings in shares of Byline Bancorp by 135.9% during the 4th quarter. Hsbc Holdings PLC now owns 70,502 shares of the company's stock worth $2,056,000 after acquiring an additional 40,613 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Byline Bancorp by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,366,600 shares of the company's stock valued at $74,713,000 after acquiring an additional 36,598 shares during the period. Denali Advisors LLC lifted its holdings in Byline Bancorp by 32.3% during the 4th quarter. Denali Advisors LLC now owns 125,752 shares of the company's stock valued at $3,666,000 after purchasing an additional 30,711 shares during the last quarter. Finally, Fiducient Advisors LLC lifted its holdings in Byline Bancorp by 33.5% during the 4th quarter. Fiducient Advisors LLC now owns 81,767 shares of the company's stock valued at $2,384,000 after purchasing an additional 20,517 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Byline Bancorp Stock Performance

NYSE:BY opened at $38.81 on Friday. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 11.73 and a beta of 0.71. Byline Bancorp, Inc. has a fifty-two week low of $25.57 and a fifty-two week high of $40.03. The stock has a fifty day moving average price of $38.32 and a 200-day moving average price of $34.73.

Byline Bancorp (NYSE:BY - Get Free Report) last issued its quarterly 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. Byline Bancorp had a return on equity of 11.84% and a net margin of 23.36%.The company had revenue of $117.71 million for the quarter, compared to analysts' expectations of $115.78 million. Research analysts predict that Byline Bancorp, Inc. will post 3.35 EPS for the current fiscal year.

Byline Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 18th. Stockholders of record on Tuesday, August 4th were issued a dividend of $0.14 per share. This is an increase from Byline Bancorp's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.4%. Byline Bancorp's payout ratio is presently 16.92%.

Insider Activity at Byline Bancorp

In related news, Director Antonio del Valle Perochena sold 300,000 shares of the firm's 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 completion of the transaction, the director owned 11,535,145 shares in the company, valued at $451,024,169.50. This trade represents a 2.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dana Rose sold 2,421 shares of the business's 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 completion of the sale, the insider directly owned 11,605 shares in the company, valued at approximately $452,595. This represents a 17.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 622,171 shares of company stock worth $24,328,816 over the last three months. 29.09% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on BY. Piper Sandler upped their price objective 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. Stephens set a $40.00 target price on shares of Byline Bancorp in a report on Monday, July 27th. Hovde Group upped their price target 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. Raymond James Financial assumed coverage on shares of Byline Bancorp in a report on Wednesday, July 8th. They issued a "market perform" rating on the stock. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Byline Bancorp in a research report on Friday, August 7th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus 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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