Byline Bancorp (NYSE:BY) Reaches New 52-Week High – Here’s Why

Byline Bancorp, Inc. (NYSE:BY)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $35.92 and last traded at $35.9270, with a volume of 49521 shares. The stock had previously closed at $35.48.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on BY shares. Zacks Research cut Byline Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 27th. Piper Sandler boosted their price target on Byline Bancorp from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Byline Bancorp in a research note on Wednesday, May 13th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $36.00.

Byline Bancorp Price Performance

The stock’s 50-day moving average is $33.42 and its 200 day moving average is $31.93. The company has a market cap of $1.62 billion, a PE ratio of 11.67 and a beta of 0.75.

Byline Bancorp (NYSE:BY) last announced its earnings results on Thursday, April 23rd. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. The company had revenue of $112.40 million during the quarter, compared to the consensus estimate of $113.89 million. Byline Bancorp had a net margin of 21.86% and a return on equity of 11.56%. On average, analysts expect that Byline Bancorp, Inc. will post 3.28 EPS for the current year.

Byline Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 19th. Stockholders of record on Tuesday, May 5th were given a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, May 5th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.3%. Byline Bancorp’s dividend payout ratio (DPR) is presently 15.64%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its holdings in Byline Bancorp by 34.4% in the first quarter. AQR Capital Management LLC now owns 137,998 shares of the company’s stock worth $3,610,000 after acquiring an additional 35,324 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Byline Bancorp by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,491 shares of the company’s stock worth $484,000 after acquiring an additional 770 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Byline Bancorp by 7.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 76,245 shares of the company’s stock valued at $1,995,000 after acquiring an additional 5,213 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of Byline Bancorp by 71.0% during the first quarter. Jane Street Group LLC now owns 152,478 shares of the company’s stock valued at $3,989,000 after acquiring an additional 63,317 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Byline Bancorp by 2.5% in the 2nd quarter. Legal & General Group Plc now owns 29,577 shares of the company’s stock valued at $791,000 after purchasing an additional 712 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

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.