Jacobs Levy Equity Management Inc. Increases Position in Byline Bancorp, Inc. (NYSE:BY)

Jacobs Levy Equity Management Inc. grew its position in Byline Bancorp, Inc. (NYSE:BY - Free Report) by 173.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 117,780 shares of the company's stock after acquiring an additional 74,709 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.27% of Byline Bancorp worth $3,153,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Byline Bancorp by 6.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,855,547 shares of the company's stock worth $44,049,000 after purchasing an additional 106,940 shares during the period. Vanguard Group Inc. lifted its position in shares of Byline Bancorp by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 1,551,552 shares of the company's stock valued at $33,700,000 after buying an additional 51,682 shares in the last quarter. FMR LLC grew its stake 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 acquiring an additional 70,863 shares during the period. American Century Companies Inc. grew its stake in Byline Bancorp by 20.4% in the 2nd quarter. American Century Companies Inc. now owns 518,727 shares of the company's stock valued at $12,315,000 after acquiring an additional 87,796 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Byline Bancorp by 16.1% during the second quarter. Bank of New York Mellon Corp now owns 191,122 shares of the company's stock worth $4,537,000 after acquiring an additional 26,539 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BY has been the subject of a number of research reports. Piper Sandler reissued an "overweight" rating and set a $34.00 target price on shares of Byline Bancorp in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their price objective on Byline Bancorp from $29.00 to $33.00 and gave the stock a "market perform" rating in a research note on Wednesday.

Byline Bancorp Stock Performance

Shares of NYSE:BY traded up $0.36 during midday trading on Friday, hitting $31.55. The company's stock had a trading volume of 84,676 shares, compared to its average volume of 142,016. The company has a market cap of $1.40 billion, a P/E ratio of 11.49 and a beta of 1.15. Byline Bancorp, Inc. has a 12-month low of $19.70 and a 12-month high of $32.89. The business's 50 day simple moving average is $28.67 and its 200 day simple moving average is $26.49.

Byline Bancorp announced that its Board of Directors has initiated a share buyback plan on Thursday, December 5th that permits the company to repurchase 1,250,000 shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is 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 paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Tuesday, November 5th. Byline Bancorp's dividend payout ratio (DPR) is 13.09%.

Byline Bancorp 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.