Rafferty Asset Management LLC Decreases Stake in Byline Bancorp, Inc. $BY

Key Points

• Rafferty Asset Management LLC has reduced its holdings in Byline Bancorp by 32.4%, now owning 19,196 shares valued at approximately $502,000.
• Institutional investors now hold 67.73% of Byline Bancorp's stock, with significant increases in holdings from firms like GAMMA Investing LLC and Tower Research Capital LLC.
• Byline Bancorp recently announced a quarterly dividend of $0.10, yielding 1.4% annually, with a payout ratio of 14.93%.

Rafferty Asset Management LLC cut its position in Byline Bancorp, Inc. (NYSE:BY - Free Report) by 32.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 19,196 shares of the company's stock after selling 9,191 shares during the period. Rafferty Asset Management LLC's holdings in Byline Bancorp were worth $502,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in BY. T. Rowe Price Investment Management Inc. bought a new stake in shares of Byline Bancorp in the first quarter worth approximately $7,791,000. Nuveen LLC bought a new stake in Byline Bancorp during the first quarter valued at approximately $6,848,000. Wellington Management Group LLP grew its position in Byline Bancorp by 16.6% during the fourth quarter. Wellington Management Group LLP now owns 478,359 shares of the company's stock valued at $13,872,000 after buying an additional 68,000 shares during the period. American Century Companies Inc. grew its position in Byline Bancorp by 8.8% during the first quarter. American Century Companies Inc. now owns 690,304 shares of the company's stock valued at $18,058,000 after buying an additional 55,858 shares during the period. Finally, Jane Street Group LLC grew its position in Byline Bancorp by 146.2% during the fourth quarter. Jane Street Group LLC now owns 89,161 shares of the company's stock valued at $2,586,000 after buying an additional 52,952 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Hovde Group set a $32.00 price target on shares of Byline Bancorp in a research report on Monday, May 19th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Byline Bancorp presently has a consensus rating of "Moderate Buy" and an average target price of $33.25.

Byline Bancorp Price Performance

Shares of BY traded down $0.13 during midday trading on Monday, hitting $28.80. The stock had a trading volume of 11,657 shares, compared to its average volume of 188,919. Byline Bancorp, Inc. has a 1 year low of $22.63 and a 1 year high of $32.89. The firm has a market cap of $1.32 billion, a PE ratio of 10.74 and a beta of 0.91. The stock's 50 day moving average is $27.66 and its 200 day moving average is $26.62.

Byline Bancorp (NYSE:BY - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.08. Byline Bancorp had a net margin of 19.03% and a return on equity of 10.98%. The business had revenue of $110.45 million for the quarter, compared to the consensus estimate of $106.95 million. As a group, equities research analysts expect that Byline Bancorp, Inc. will post 2.6 earnings per share for the current fiscal year.

Byline Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 19th. Shareholders of record on Tuesday, August 5th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.4%. The ex-dividend date was Tuesday, August 5th. Byline Bancorp's dividend payout ratio is presently 14.93%.

Insider Activity

In other news, Director Phillip R. Cabrera purchased 2,360 shares of the stock in a transaction dated Wednesday, June 11th. The shares were acquired at an average cost of $24.75 per share, for a total transaction of $58,410.00. Following the acquisition, the director owned 3,960 shares of the company's stock, valued at approximately $98,010. This represents a 147.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Megan Biggam sold 3,611 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $26.75, for a total transaction of $96,594.25. Following the completion of the sale, the executive vice president owned 17,630 shares in the company, valued at $471,602.50. This represents a 17.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 2,584 shares of company stock worth $64,100. 28.79% of the stock is owned by company insiders.

Byline Bancorp Company Profile

Byline Bancorp, Inc operates as the bank holding company for Byline Bank that provides various banking products and services for small and medium sized businesses, commercial real estate and financial sponsors, and consumers in the United States. It offers various retail deposit products, including non-interest-bearing accounts, money market demand accounts, savings accounts, interest-bearing checking accounts, and time deposits; ATM and debit cards; and online, mobile, and text banking services, as well as commercial deposits.