Byline Bancorp, Inc. (NYSE:BY) Sees Significant Drop in Short Interest

Byline Bancorp, Inc. (NYSE:BY) was the recipient of a significant decline in short interest in December. As of December 31st, there was short interest totaling 301,691 shares, a decline of 42.8% from the December 15th total of 527,820 shares. Based on an average daily volume of 180,463 shares, the days-to-cover ratio is currently 1.7 days. Currently, 0.9% of the shares of the stock are sold short. Currently, 0.9% of the shares of the stock are sold short. Based on an average daily volume of 180,463 shares, the days-to-cover ratio is currently 1.7 days.

Insiders Place Their Bets

In other Byline Bancorp news, insider Thomas Abraham sold 23,400 shares of Byline Bancorp stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $26.89, for a total transaction of $629,226.00. Following the sale, the insider owned 38,882 shares of the company’s stock, valued at $1,045,536.98. The trade was a 37.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 28.79% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in shares of Byline Bancorp by 34.4% in the first quarter. AQR Capital Management LLC now owns 137,998 shares of the company’s stock valued at $3,610,000 after buying an additional 35,324 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Byline Bancorp by 4.3% during the 1st 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Byline Bancorp by 7.3% during the 1st 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 during the period. Jane Street Group LLC grew its position in Byline Bancorp by 71.0% in the 1st 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, Harbor Capital Advisors Inc. increased its stake in Byline Bancorp by 5.9% during the second quarter. Harbor Capital Advisors Inc. now owns 9,856 shares of the company’s stock worth $263,000 after purchasing an additional 552 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BY shares. Keefe, Bruyette & Woods upped their price target on Byline Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a research report on Monday, October 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Byline Bancorp in a research note on Wednesday, October 8th. Finally, Piper Sandler upped their price objective on shares of Byline Bancorp from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, October 28th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Byline Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.25.

Byline Bancorp Price Performance

Shares of NYSE:BY traded up $0.63 during midday trading on Thursday, reaching $30.96. 173,424 shares of the company’s stock were exchanged, compared to its average volume of 168,726. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 11.02 and a beta of 0.86. Byline Bancorp has a fifty-two week low of $22.63 and a fifty-two week high of $31.24. The firm’s 50 day simple moving average is $29.04 and its two-hundred day simple moving average is $28.14.

Byline Bancorp (NYSE:BY) last announced its earnings results on Thursday, October 23rd. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.12. Byline Bancorp had a net margin of 20.01% and a return on equity of 11.26%. The company had revenue of $115.74 million during the quarter, compared to analyst estimates of $111.49 million. Equities research analysts predict that Byline Bancorp will post 2.6 earnings per share for the current fiscal year.

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

Byline Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 18th. Investors of record on Tuesday, November 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, November 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. Byline Bancorp’s dividend payout ratio (DPR) is presently 14.23%.

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.