Byline Bancorp (NYSE:BY) Reaches New 12-Month High – Still a Buy?

Byline Bancorp, Inc. (NYSE:BY) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $33.48 and last traded at $33.09, with a volume of 175785 shares changing hands. The stock had previously closed at $32.68.

Wall Street Analysts Forecast Growth

BY has been the subject of a number of research reports. Weiss Ratings restated a “buy (b-)” rating on shares of Byline Bancorp in a research report on Wednesday, January 21st. Piper Sandler restated an “overweight” rating and set a $37.00 price objective on shares of Byline Bancorp in a research report on Tuesday, January 27th. Keefe, Bruyette & Woods lifted their target price on Byline Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a report on Monday, October 27th. Finally, Zacks Research raised Byline Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $33.67.

Byline Bancorp Stock Performance

The business’s fifty day moving average price is $30.23 and its two-hundred day moving average price is $28.50. The stock has a market capitalization of $1.52 billion, a P/E ratio of 11.49 and a beta of 0.87.

Byline Bancorp (NYSE:BY) last issued its quarterly earnings data on Thursday, January 22nd. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.04. Byline Bancorp had a return on equity of 11.38% and a net margin of 20.54%.The company had revenue of $117.01 million for the quarter, compared to analysts’ expectations of $112.51 million. As a group, analysts forecast that Byline Bancorp, Inc. will post 2.6 earnings per share for the current year.

Byline Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Tuesday, February 3rd will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Tuesday, February 3rd. This represents a $0.48 annualized dividend and a dividend yield of 1.5%. This is an increase from Byline Bancorp’s previous quarterly dividend of $0.10. Byline Bancorp’s dividend payout ratio is presently 16.67%.

Byline Bancorp announced that its board has authorized a stock buyback plan on Thursday, December 11th that authorizes the company to buyback $2.25 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 0.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Byline Bancorp by 1.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,322,339 shares of the company’s stock worth $64,399,000 after acquiring an additional 24,507 shares during the last quarter. Vanguard Group Inc. lifted its stake in Byline Bancorp by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 1,822,619 shares of the company’s stock worth $53,129,000 after purchasing an additional 47,798 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Byline Bancorp by 9.3% during the third quarter. American Century Companies Inc. now owns 803,287 shares of the company’s stock valued at $22,275,000 after buying an additional 68,230 shares during the period. Boston Partners grew its stake in shares of Byline Bancorp by 1.9% during the second quarter. Boston Partners now owns 732,464 shares of the company’s stock valued at $19,500,000 after buying an additional 13,818 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Byline Bancorp by 31.3% in the third quarter. JPMorgan Chase & Co. now owns 588,359 shares of the company’s stock worth $16,315,000 after buying an additional 140,219 shares during the period. Institutional investors own 67.73% of the company’s stock.

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.