Byline Bancorp (NYSE:BY) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Byline Bancorp (NYSE:BY) from a hold rating to a strong-buy rating in a report released on Tuesday morning,Zacks.com reports.

A number of other equities analysts have also weighed in on the company. Piper Sandler increased their target price on Byline Bancorp from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Weiss Ratings restated a “buy (b)” rating on shares of Byline Bancorp in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $36.00.

Byline Bancorp Stock Performance

NYSE BY opened at $36.53 on Tuesday. The firm has a 50-day moving average of $33.55 and a 200-day moving average of $32.03. The stock has a market cap of $1.66 billion, a PE ratio of 11.90 and a beta of 0.75. Byline Bancorp has a 52-week low of $25.38 and a 52-week high of $36.59.

Byline Bancorp (NYSE:BY) last announced its earnings results on Thursday, April 23rd. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.74 by $0.09. The business 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%. As a group, analysts predict that Byline Bancorp will post 3.28 EPS for the current fiscal year.

Byline Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 19th. Investors of record on Tuesday, May 5th were given a $0.12 dividend. The ex-dividend date 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%.

Hedge Funds Weigh In On Byline Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its position in shares of Byline Bancorp by 99.5% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,095 shares of the company’s stock worth $30,000 after acquiring an additional 546 shares in the last quarter. Clearstead Advisors LLC raised its position in Byline Bancorp by 83.1% during the fourth quarter. Clearstead Advisors LLC now owns 1,578 shares of the company’s stock valued at $46,000 after purchasing an additional 716 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in Byline Bancorp by 15.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,381 shares of the company’s stock worth $69,000 after purchasing an additional 313 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of Byline Bancorp by 58.3% in the 1st quarter. Royal Bank of Canada now owns 2,332 shares of the company’s stock valued at $73,000 after purchasing an additional 859 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Byline Bancorp by 1,572.5% in the 3rd 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. 67.73% of the stock is currently 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.