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

Byline Bancorp, Inc. (NYSE:BY - Get Free Report) was the target of a significant decline in short interest in November. As of November 30th, there was short interest totalling 487,700 shares, a decline of 12.7% from the November 15th total of 558,900 shares. Based on an average daily trading volume, of 153,800 shares, the days-to-cover ratio is currently 3.2 days. Approximately 1.9% of the company's stock are sold short.

Byline Bancorp Trading Down 0.5 %

Shares of BY traded down $0.16 during trading hours on Friday, reaching $31.12. The company had a trading volume of 72,894 shares, compared to its average volume of 136,889. The firm has a 50 day simple moving average of $29.22 and a 200-day simple moving average of $26.82. Byline Bancorp has a 12-month low of $19.70 and a 12-month high of $32.89. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 11.32 and a beta of 1.15.

Byline Bancorp announced that its board has initiated a stock buyback program on Thursday, December 5th that permits the company to buyback 1,250,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Byline Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were issued a dividend of $0.09 per share. The ex-dividend date was Tuesday, November 5th. This represents a $0.36 annualized dividend and a yield of 1.16%. Byline Bancorp's dividend payout ratio (DPR) is currently 13.09%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BY shares. Keefe, Bruyette & Woods upped their target price on shares of Byline Bancorp from $29.00 to $33.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Piper Sandler restated an "overweight" rating and issued a $34.00 target price on shares of Byline Bancorp in a report on Tuesday, October 29th.

Institutional Investors Weigh In On Byline Bancorp

Hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. acquired a new stake in shares of Byline Bancorp in the second quarter worth approximately $26,000. CWM LLC boosted its position in shares of Byline Bancorp by 104.5% in the second quarter. CWM LLC now owns 1,323 shares of the company's stock worth $31,000 after acquiring an additional 676 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Byline Bancorp in the second quarter worth approximately $48,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Byline Bancorp in the second quarter worth approximately $61,000. Finally, New York State Teachers Retirement System boosted its position in shares of Byline Bancorp by 25.3% in the third quarter. New York State Teachers Retirement System now owns 2,842 shares of the company's stock worth $76,000 after acquiring an additional 574 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

About Byline Bancorp

Byline Bancorp, Inc operates as the bank holding company for Byline Bank that provides various banking products and services for small and medium sized businesses, commercial real estate and financial sponsors, and consumers in the United States. It offers various retail deposit products, including non-interest-bearing accounts, money market demand accounts, savings accounts, interest-bearing checking accounts, and time deposits; ATM and debit cards; and online, mobile, and text banking services, as well as commercial deposits.