Byline Bancorp, Inc. $BY Shares Bought by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its stake in Byline Bancorp by 31.3% in Q3 to 588,359 shares, representing a 1.28% ownership position worth about $16.3 million.
• Byline beat Q earnings estimates (EPS $0.76 vs. $0.72) and revenue ($117.0M vs. $112.5M), recently increased its quarterly dividend to $0.12 (annualized $0.48) and authorized a $2.25 million share repurchase plan (≈0.2% of shares).
• Wall Street sentiment is generally positive with an average rating of Buy and a $33.67 average price target, including upgrades from Zacks and a $37 target from Piper Sandler.

JPMorgan Chase & Co. raised its position in shares of Byline Bancorp, Inc. (NYSE:BY - Free Report) by 31.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 588,359 shares of the company's stock after purchasing an additional 140,219 shares during the quarter. JPMorgan Chase & Co. owned 1.28% of Byline Bancorp worth $16,315,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of BY. Endeavour Capital Advisors Inc. acquired a new stake in shares of Byline Bancorp during the second quarter worth about $4,010,000. Qube Research & Technologies Ltd increased its holdings in Byline Bancorp by 56.2% in the 3rd quarter. Qube Research & Technologies Ltd now owns 358,536 shares of the company's stock worth $9,942,000 after buying an additional 129,032 shares during the period. UBS Group AG increased its holdings in Byline Bancorp by 129.4% in the 3rd quarter. UBS Group AG now owns 141,067 shares of the company's stock worth $3,912,000 after buying an additional 79,586 shares during the period. First Trust Advisors LP raised its position in Byline Bancorp by 93.0% during the 2nd quarter. First Trust Advisors LP now owns 163,685 shares of the company's stock worth $4,375,000 after buying an additional 78,870 shares during the last quarter. Finally, Blair William & Co. IL raised its position in Byline Bancorp by 924.5% during the 3rd quarter. Blair William & Co. IL now owns 79,124 shares of the company's stock worth $2,194,000 after buying an additional 71,401 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BY has been the topic of several recent research reports. Zacks Research raised shares of Byline Bancorp from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 27th. Piper Sandler reissued an "overweight" rating and set a $37.00 target price on shares of Byline Bancorp in a report on Tuesday, January 27th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of Byline Bancorp in a research report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Byline Bancorp has an average rating of "Buy" and an average price target of $33.67.

Byline Bancorp Stock Up 0.4%

Shares of BY stock opened at $31.22 on Friday. The stock has a 50 day moving average of $31.72 and a 200 day moving average of $29.55. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.27. The stock has a market cap of $1.42 billion, a P/E ratio of 10.84 and a beta of 0.84. Byline Bancorp, Inc. has a twelve month low of $22.63 and a twelve month high of $33.89.

Byline Bancorp (NYSE:BY - Get Free Report) last released its quarterly earnings data on Thursday, January 22nd. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.72 by $0.04. The business had revenue of $117.01 million for the quarter, compared to analyst estimates of $112.51 million. Byline Bancorp had a return on equity of 11.19% and a net margin of 20.54%. As a group, sell-side analysts expect that Byline Bancorp, Inc. will post 2.6 EPS for the current year.

Byline Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, February 17th. Investors of record on Tuesday, February 3rd were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.5%. This is a boost from Byline Bancorp's previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Tuesday, February 3rd. Byline Bancorp's payout ratio is currently 16.67%.

Byline Bancorp declared that its board has authorized a share repurchase plan on Thursday, December 11th that permits the company to repurchase $2.25 million in shares. This repurchase authorization permits the company to buy up to 0.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Byline Bancorp Company 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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