Wellington Management Group LLP Sells 535,488 Shares of Byline Bancorp, Inc. $BY

Key Points

• Wellington Management cut its Byline Bancorp stake by 52.3%, selling 535,488 shares and retaining 488,460 shares worth approximately $18.4 million. Institutional investors collectively own 67.73% of the company.
• Analyst sentiment remains positive, with Byline Bancorp holding a “Moderate Buy” consensus rating and an average price target of $43, compared with a recent share price of $38.81.
• Byline Bancorp exceeded quarterly earnings expectations, reporting $0.91 in EPS versus the $0.79 consensus estimate, and raised its quarterly dividend to $0.14 per share, implying a 1.4% yield.

Wellington Management Group LLP cut its holdings in Byline Bancorp, Inc. (NYSE:BY - Free Report) by 52.3% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 488,460 shares of the company's stock after selling 535,488 shares during the quarter. Wellington Management Group LLP owned approximately 1.08% of Byline Bancorp worth $18,395,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Clearstead Advisors LLC lifted its holdings in shares of Byline Bancorp by 83.1% in the fourth quarter. Clearstead Advisors LLC now owns 1,578 shares of the company's stock worth $46,000 after acquiring an additional 716 shares during the last quarter. Allworth Financial LP bought a new stake in shares of Byline Bancorp during the 2nd quarter valued at approximately $61,000. Royal Bank of Canada grew its holdings in shares of Byline Bancorp by 58.3% during the 1st quarter. Royal Bank of Canada now owns 2,332 shares of the company's stock valued at $73,000 after purchasing an additional 859 shares during the last quarter. Parkside Financial Bank & Trust increased its position in Byline Bancorp by 15.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,381 shares of the company's stock worth $69,000 after purchasing an additional 313 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Byline Bancorp by 1,572.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,860 shares of the company's stock valued at $79,000 after purchasing an additional 2,689 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on BY shares. Piper Sandler raised their target price on shares of Byline Bancorp from $40.00 to $46.00 and gave the company an "overweight" rating in a research report on Tuesday, July 28th. Raymond James Financial started coverage on shares of Byline Bancorp in a report on Wednesday, July 8th. They set a "market perform" rating for the company. Zacks Research downgraded Byline Bancorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Weiss Ratings restated a "buy (b)" rating on shares of Byline Bancorp in a research report on Friday, August 7th. Finally, Stephens set a $40.00 price objective on Byline Bancorp in a research report on Monday, July 27th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Byline Bancorp currently has an average rating of "Moderate Buy" and an average target price of $43.00.

Byline Bancorp Price Performance

BY opened at $38.81 on Monday. Byline Bancorp, Inc. has a fifty-two week low of $25.57 and a fifty-two week high of $40.03. The company's 50 day moving average price is $38.32 and its two-hundred day moving average price is $34.74. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 11.73 and a beta of 0.71.

Byline Bancorp (NYSE:BY - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.12. Byline Bancorp had a net margin of 23.36% and a return on equity of 11.84%. The firm had revenue of $117.71 million during the quarter, compared to the consensus estimate of $115.78 million. As a group, equities research analysts predict that Byline Bancorp, Inc. will post 3.35 EPS for the current year.

Byline Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 18th. Shareholders of record on Tuesday, August 4th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Tuesday, August 4th. This is a boost from Byline Bancorp's previous quarterly dividend of $0.12. Byline Bancorp's dividend payout ratio (DPR) is presently 16.92%.

Insider Buying and Selling

In related news, major shareholder Investors I. L.P. Mbg sold 300,000 shares of Byline Bancorp stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $39.10, for a total value of $11,730,000.00. Following the transaction, the insider directly owned 11,535,145 shares of the company's stock, valued at $451,024,169.50. The trade was a 2.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Roberto Herencia sold 19,750 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $39.21, for a total transaction of $774,397.50. Following the sale, the chief executive officer directly owned 411,643 shares of the company's stock, valued at $16,140,522.03. This represents a 4.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 622,171 shares of company stock worth $24,328,816. Corporate insiders own 29.09% of the company's stock.

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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