Principal Financial Group Inc. Purchases New Stake in Byline Bancorp, Inc. $BY

Principal Financial Group Inc. acquired a new position in Byline Bancorp, Inc. (NYSE:BY) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 46,430 shares of the company’s stock, valued at approximately $1,466,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BY. Dimensional Fund Advisors LP raised its holdings in Byline Bancorp by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,330,002 shares of the company’s stock worth $67,920,000 after purchasing an additional 7,663 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Byline Bancorp by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 1,822,619 shares of the company’s stock valued at $53,129,000 after purchasing an additional 47,798 shares during the last quarter. State Street Corp grew its position in shares of Byline Bancorp by 0.9% during the 4th quarter. State Street Corp now owns 997,040 shares of the company’s stock worth $29,064,000 after buying an additional 8,994 shares during the period. Geode Capital Management LLC grew its position in shares of Byline Bancorp by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 764,144 shares of the company’s stock worth $22,278,000 after buying an additional 13,810 shares during the period. Finally, Federated Hermes Inc. raised its stake in shares of Byline Bancorp by 16.7% during the fourth quarter. Federated Hermes Inc. now owns 573,652 shares of the company’s stock worth $16,722,000 after buying an additional 82,142 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Byline Bancorp Stock Performance

Shares of NYSE BY opened at $39.22 on Friday. The stock has a market cap of $1.78 billion, a P/E ratio of 11.85 and a beta of 0.72. The firm has a 50 day moving average price of $36.12 and a 200 day moving average price of $33.48. Byline Bancorp, Inc. has a 52-week low of $25.38 and a 52-week high of $39.51.

Byline Bancorp (NYSE:BY) last posted its earnings results on Thursday, July 23rd. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.12. The company had revenue of $117.71 million for the quarter, compared to analyst estimates of $115.78 million. Byline Bancorp had a net margin of 23.36% and a return on equity of 11.94%. Analysts predict that Byline Bancorp, Inc. will post 3.32 earnings per share for the current fiscal year.

Byline Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th will be paid 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 is 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 14.50%.

Analysts Set New Price Targets

Several brokerages recently weighed in on BY. Zacks Research lowered shares of Byline Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Raymond James Financial began coverage on shares of Byline Bancorp in a research report on Wednesday, July 8th. They set a “market perform” rating for the company. Piper Sandler increased their price target on Byline Bancorp from $40.00 to $46.00 and gave the company an “overweight” rating in a research note on Tuesday. Hovde Group raised their price target on Byline Bancorp from $39.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Stephens set a $40.00 price objective on Byline Bancorp in a research note on Monday. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Byline Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

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.