Byline Bancorp (NYSE:BY) Hits New 1-Year High – Should You Buy?

Byline Bancorp, Inc. (NYSE:BY) shares reached a new 52-week high during trading on Friday . The stock traded as high as $32.30 and last traded at $32.1250, with a volume of 123010 shares. The stock had previously closed at $31.84.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Byline Bancorp in a report on Wednesday, January 21st. Keefe, Bruyette & Woods raised their price objective on Byline Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a report on Monday, October 27th. Zacks Research upgraded shares of Byline Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $37.00 price objective on shares of Byline Bancorp in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Byline Bancorp presently has a consensus rating of “Buy” and a consensus price target of $33.67.

Byline Bancorp Trading Up 0.9%

The firm has a market cap of $1.47 billion, a P/E ratio of 11.15 and a beta of 0.86. The company’s 50 day simple moving average is $29.86 and its 200-day simple moving average is $28.36.

Byline Bancorp (NYSE:BY) last released its quarterly earnings results on Thursday, January 22nd. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.04. The firm had revenue of $117.01 million for the quarter, compared to analysts’ expectations of $112.51 million. Byline Bancorp had a return on equity of 11.38% and a net margin of 20.54%. On average, sell-side analysts anticipate that Byline Bancorp, Inc. will post 2.6 earnings per share for the current year.

Byline Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Tuesday, February 3rd will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, February 3rd. This is an increase from Byline Bancorp’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 1.5%. Byline Bancorp’s dividend payout ratio (DPR) is 16.67%.

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

Institutional Trading of Byline Bancorp

Several hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its position in Byline Bancorp by 99.5% in the third 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. State of Alaska Department of Revenue purchased a new stake in shares of Byline Bancorp during the third quarter valued at $46,000. Farther Finance Advisors LLC bought a new position in Byline Bancorp in the 2nd quarter worth about $64,000. Russell Investments Group Ltd. increased its holdings in Byline Bancorp by 1,572.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,860 shares of the company’s stock worth $79,000 after purchasing an additional 2,689 shares during the period. Finally, CWM LLC grew its position in shares of Byline Bancorp by 59.5% during the 2nd quarter. CWM LLC now owns 3,650 shares of the company’s stock worth $98,000 after buying an additional 1,362 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.