Byline Bancorp (NYSE:BY) Price Target Raised to $34.00 at Hovde Group

Byline Bancorp (NYSE:BY - Free Report) had its price objective lifted by Hovde Group from $33.00 to $34.00 in a report published on Monday, MarketBeat Ratings reports. Hovde Group currently has an outperform rating on the stock.

BY has been the topic of a number of other reports. Keefe, Bruyette & Woods upped their price target on shares of Byline Bancorp from $29.00 to $33.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. Piper Sandler reaffirmed an "overweight" rating and issued a $34.00 price objective on shares of Byline Bancorp in a research report on Tuesday, October 29th.

Byline Bancorp Stock Performance

Byline Bancorp stock traded up $0.14 during mid-day trading on Monday, reaching $29.30. The company's stock had a trading volume of 246,348 shares, compared to its average volume of 144,213. 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 $1.30 billion, a P/E ratio of 10.65 and a beta of 1.15. The firm's fifty day moving average price is $29.75 and its two-hundred day moving average price is $28.02.

Byline Bancorp (NYSE:BY - Get Free Report) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.08. Byline Bancorp had a net margin of 19.39% and a return on equity of 11.90%. On average, research analysts predict that Byline Bancorp will post 2.68 EPS for the current fiscal year.

Byline Bancorp declared that its board has approved a share repurchase program on Thursday, December 5th that allows the company to buyback 1,250,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Byline Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Tuesday, February 4th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, February 4th. This is a positive change from Byline Bancorp's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 1.37%. Byline Bancorp's dividend payout ratio (DPR) is presently 13.09%.

Institutional Investors Weigh In On Byline Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in shares of Byline Bancorp by 209.0% in the third quarter. Wellington Management Group LLP now owns 410,359 shares of the company's stock worth $10,985,000 after purchasing an additional 277,559 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Byline Bancorp by 71.6% in the third quarter. JPMorgan Chase & Co. now owns 557,242 shares of the company's stock valued at $14,917,000 after acquiring an additional 232,530 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Byline Bancorp by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,855,547 shares of the company's stock valued at $44,049,000 after acquiring an additional 106,940 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Byline Bancorp by 173.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,780 shares of the company's stock valued at $3,153,000 after buying an additional 74,709 shares during the period. Finally, FMR LLC increased its holdings in Byline Bancorp by 7.3% in the 3rd quarter. FMR LLC now owns 1,035,844 shares of the company's stock valued at $27,730,000 after buying an additional 70,863 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

Byline Bancorp Company Profile

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.