Short Interest in Byline Bancorp, Inc. (NYSE:BY) Declines By 42.8%

Byline Bancorp, Inc. (NYSE:BY) was the recipient of a significant decline in short interest in December. As of December 31st, there was short interest totaling 301,691 shares, a decline of 42.8% from the December 15th total of 527,820 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average daily volume of 180,463 shares, the short-interest ratio is presently 1.7 days. Based on an average daily volume of 180,463 shares, the short-interest ratio is presently 1.7 days. Approximately 0.9% of the company’s stock are short sold.

Insiders Place Their Bets

In other Byline Bancorp news, insider Thomas Abraham sold 23,400 shares of the business’s stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $26.89, for a total value of $629,226.00. Following the completion of the transaction, the insider owned 38,882 shares in the company, valued at $1,045,536.98. The trade was a 37.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 28.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BY. Endeavour Capital Advisors Inc. acquired a new stake in Byline Bancorp during the 2nd quarter worth $4,010,000. JPMorgan Chase & Co. grew its holdings in shares of Byline Bancorp by 31.3% during the third quarter. JPMorgan Chase & Co. now owns 588,359 shares of the company’s stock worth $16,315,000 after purchasing an additional 140,219 shares during the last quarter. Qube Research & Technologies Ltd increased its position 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 worth $9,942,000 after purchasing an additional 129,032 shares in the last quarter. UBS Group AG lifted 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 valued at $3,912,000 after purchasing an additional 79,586 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Byline Bancorp by 93.0% in the 2nd quarter. First Trust Advisors LP now owns 163,685 shares of the company’s stock valued at $4,375,000 after purchasing an additional 78,870 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Byline Bancorp Stock Performance

NYSE BY traded up $0.63 during trading on Thursday, reaching $30.96. 173,424 shares of the company’s stock were exchanged, compared to its average volume of 168,726. The company has a 50 day moving average price of $29.04 and a two-hundred day moving average price of $28.14. The stock has a market cap of $1.42 billion, a P/E ratio of 11.02 and a beta of 0.86. Byline Bancorp has a 1 year low of $22.63 and a 1 year high of $31.24.

Byline Bancorp (NYSE:BY) last released its quarterly earnings data on Thursday, October 23rd. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.12. The business had revenue of $115.74 million for the quarter, compared to the consensus estimate of $111.49 million. Byline Bancorp had a return on equity of 11.26% and a net margin of 20.01%. Research analysts forecast that Byline Bancorp will post 2.6 EPS for the current fiscal year.

Byline Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 18th. Shareholders of record on Tuesday, November 4th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.3%. Byline Bancorp’s dividend payout ratio (DPR) is presently 14.23%.

Byline Bancorp announced that its board has authorized a share repurchase program on Thursday, December 11th that authorizes the company to buyback $2.25 million in outstanding shares. This buyback authorization authorizes the company to buy up to 0.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

BY has been the subject of a number of recent research reports. Piper Sandler lifted their target price on Byline Bancorp from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Keefe, Bruyette & Woods increased their price target on Byline Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a research report on Monday, October 27th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Byline Bancorp in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $33.25.

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.