Byline Bancorp (NYSE:BY) Reaches New 1-Year High - Time to Buy?

Key Points

• Byline Bancorp reached a new 52-week high of $42, while analysts maintain a “Moderate Buy” consensus with an average price target of $43.00. Ratings are split between three Buy and three Hold recommendations.
• The company exceeded quarterly expectations, reporting earnings per share of $0.91 versus the $0.79 estimate and revenue of $117.71 million. Its stock has a market capitalization of $1.72 billion and trades at a price-to-earnings ratio of 11.56.
• Byline raised its quarterly dividend from $0.12 to $0.14 per share, equivalent to a 1.5% annual yield, while insiders sold more than 622,000 shares worth approximately $24.3 million over the past 90 days.

Byline Bancorp, Inc. (NYSE:BY - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $42.00 and last traded at $37.8350, with a volume of 695 shares traded. The stock had previously closed at $38.30.

Analysts Set New Price Targets

BY has been the topic of a number of recent research reports. Raymond James Financial began coverage on Byline Bancorp in a research note on Wednesday, July 8th. They set a "market perform" rating on the stock. Piper Sandler upped their price objective on Byline Bancorp from $40.00 to $46.00 and gave the company an "overweight" rating in a report on Tuesday, July 28th. Zacks Research cut Byline Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Weiss Ratings reiterated a "buy (b)" rating on shares of Byline Bancorp in a research report on Friday, August 7th. Finally, Keefe, Bruyette & Woods boosted 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 report on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Byline Bancorp has an average rating of "Moderate Buy" and a consensus price target of $43.00.

Byline Bancorp Price Performance

The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 11.56 and a beta of 0.71. The business's 50-day moving average price is $38.14 and its two-hundred day moving average price is $34.55.

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

Byline Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th were given a $0.14 dividend. The ex-dividend date was Tuesday, August 4th. This is an increase from Byline Bancorp's previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.5%. Byline Bancorp's dividend payout ratio (DPR) is 16.92%.

Insider Buying and Selling

In other Byline Bancorp news, insider Dana Rose sold 2,421 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $39.00, for a total value of $94,419.00. Following the transaction, the insider directly owned 11,605 shares of the company's stock, valued at $452,595. This trade represents a 17.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Roberto R. Herencia sold 19,750 shares of the firm's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $39.21, for a total transaction of $774,397.50. Following the completion of the transaction, the chief executive officer directly owned 411,643 shares in the company, valued at approximately $16,140,522.03. This represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 622,171 shares of company stock worth $24,328,816 in the last ninety days. 29.09% of the stock is owned by company insiders.

Institutional Trading of Byline Bancorp

Several large investors have recently made changes to their positions in BY. BlackRock Inc. acquired a new position in shares of Byline Bancorp during the 2nd quarter worth $132,220,000. California State Teachers Retirement System boosted its stake in shares of Byline Bancorp by 3,810.2% in the 2nd quarter. California State Teachers Retirement System now owns 1,223,649 shares of the company's stock valued at $46,083,000 after purchasing an additional 1,192,355 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Byline Bancorp in the 1st quarter valued at approximately $7,176,000. Empowered Funds LLC bought a new stake in shares of Byline Bancorp during the 2nd quarter valued at approximately $8,031,000. Finally, Bank of New York Mellon Corp acquired a new position in Byline Bancorp during the 2nd quarter worth approximately $6,294,000. Institutional investors and hedge funds own 67.73% of the company's stock.

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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