Key Points
- Major shareholder Investors L.P. Mbg sold 300,000 Byline Bancorp shares for $11.73 million at an average price of $39.10, reducing its stake by 2.53% to 11.54 million shares.
- Byline Bancorp reported quarterly EPS of $0.91, exceeding the $0.79 consensus estimate, while revenue of $117.71 million also topped expectations. The company raised its quarterly dividend to $0.14 per share, implying a 1.4% yield.
- Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and a $43 average price target; institutional investors own approximately 67.73% of the company.
Byline Bancorp, Inc. (NYSE:BY - Get Free Report) major shareholder Investors L.P. Mbg sold 300,000 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $39.10, for a total transaction of $11,730,000.00. Following the sale, the insider directly owned 11,535,145 shares of the company's stock, valued at approximately $451,024,169.50. This trade represents a 2.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.
Byline Bancorp Stock Performance
NYSE BY opened at $38.76 on Wednesday. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 11.71 and a beta of 0.71. Byline Bancorp, Inc. has a one year low of $25.57 and a one year high of $40.03. The company's 50 day moving average price is $37.08 and its 200 day moving average price is $33.97.
Byline Bancorp (NYSE:BY - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.12. Byline Bancorp had a net margin of 23.36% and a return on equity of 11.94%. The company had revenue of $117.71 million during the quarter, compared to the consensus estimate of $115.78 million. Sell-side analysts forecast that Byline Bancorp, Inc. will post 3.35 EPS for the current fiscal year.
Byline Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th will be given a dividend of $0.14 per share. This is a positive change from Byline Bancorp's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, August 4th. This represents a $0.56 dividend on an annualized basis and a yield of 1.4%. Byline Bancorp's dividend payout ratio is currently 16.92%.
Analysts Set New Price Targets
Several research firms have commented on BY. Hovde Group raised their price objective on Byline Bancorp from $39.00 to $45.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Zacks Research downgraded Byline Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Stephens set a $40.00 target price on Byline Bancorp in a research note on Monday, July 27th. Raymond James Financial started coverage on Byline Bancorp in a report on Wednesday, July 8th. They set a "market perform" rating on the stock. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Byline Bancorp in a research report on Wednesday, May 13th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.00.
View Our Latest Research Report on Byline Bancorp
Institutional Investors Weigh In On Byline Bancorp
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BY. Clearstead Advisors LLC boosted its position in Byline Bancorp by 83.1% in the 4th quarter. Clearstead Advisors LLC now owns 1,578 shares of the company's stock valued at $46,000 after buying an additional 716 shares during the last quarter. Allworth Financial LP purchased a new stake in shares of Byline Bancorp during the second quarter worth about $61,000. Royal Bank of Canada lifted its stake in shares of Byline Bancorp by 58.3% in the first quarter. Royal Bank of Canada now owns 2,332 shares of the company's stock worth $73,000 after acquiring an additional 859 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Byline Bancorp by 15.1% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,381 shares of the company's stock worth $69,000 after acquiring an additional 313 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Byline Bancorp by 1,572.5% in the third quarter. Russell Investments Group Ltd. now owns 2,860 shares of the company's stock valued at $79,000 after purchasing an additional 2,689 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.
About Byline Bancorp
(
Get Free Report)
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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