Principal Financial Group Inc. Takes Position in Byline Bancorp, Inc. $BY

Key Points

• Principal Financial Group initiated a position in Byline Bancorp worth approximately $1.47 million, while institutional investors collectively own 67.73% of the company.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $43.00; recent targets range from $41 to $46.
• Byline Bancorp exceeded quarterly earnings expectations, reporting $0.91 EPS versus $0.79 expected, and increased its quarterly dividend to $0.14 per share, representing a 1.4% yield.

Principal Financial Group Inc. bought a new position in Byline Bancorp, Inc. (NYSE:BY - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 46,430 shares of the company's stock, valued at approximately $1,466,000. Principal Financial Group Inc. owned approximately 0.10% of Byline Bancorp at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Assenagon Asset Management S.A. bought a new stake in Byline Bancorp in the first quarter valued at $7,176,000. Qube Research & Technologies Ltd lifted its holdings in shares of Byline Bancorp by 56.2% during the third quarter. Qube Research & Technologies Ltd now owns 358,536 shares of the company's stock valued at $9,942,000 after acquiring an additional 129,032 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Byline Bancorp by 64.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 276,181 shares of the company's stock valued at $8,051,000 after purchasing an additional 108,492 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of Byline Bancorp by 16.7% in the 4th quarter. Federated Hermes Inc. now owns 573,652 shares of the company's stock worth $16,722,000 after purchasing an additional 82,142 shares during the last quarter. Finally, UBS Group AG grew its holdings in shares of 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 purchasing an additional 79,586 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on BY. Zacks Research lowered shares of Byline Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their target price on shares of Byline Bancorp from $37.00 to $41.00 and gave the company a "market perform" rating in a research note on Monday. Piper Sandler increased 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. Raymond James Financial initiated coverage on Byline Bancorp in a research report on Wednesday, July 8th. They set a "market perform" rating on the stock. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Byline Bancorp in a report on Wednesday, May 13th. 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 Trading Up 0.2%

BY opened at $39.22 on Friday. Byline Bancorp, Inc. has a 1-year low of $25.38 and a 1-year high of $39.51. The stock has a market capitalization of $1.78 billion, a PE ratio of 11.85 and a beta of 0.72. The firm has a 50-day moving average price of $36.12 and a two-hundred day moving average price of $33.48.

Byline Bancorp (NYSE:BY - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.79 by $0.12. Byline Bancorp had a net margin of 23.36% and a return on equity of 11.94%. The company had revenue of $117.71 million for the quarter, compared to analyst estimates of $115.78 million. On average, research analysts predict that Byline Bancorp, Inc. will post 3.32 EPS for the current year.

Byline Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 18th. Shareholders of record on Tuesday, August 4th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $0.56 annualized dividend and a yield of 1.4%. This is a positive change from Byline Bancorp's previous quarterly dividend of $0.12. Byline Bancorp's dividend payout ratio (DPR) is currently 14.50%.

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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