Kovitz Investment Group Partners LLC Makes New Investment in Byline Bancorp, Inc. (NYSE:BY)

Kovitz Investment Group Partners LLC bought a new position in shares of Byline Bancorp, Inc. (NYSE:BY - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 49,965 shares of the company's stock, valued at approximately $1,338,000. Kovitz Investment Group Partners LLC owned 0.11% of Byline Bancorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BY. Point72 Asset Management L.P. bought a new stake in shares of Byline Bancorp in the second quarter valued at about $26,000. CWM LLC grew 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 valued at $31,000 after purchasing an additional 676 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Byline Bancorp in the second quarter valued at approximately $48,000. Ashton Thomas Private Wealth LLC bought a new stake in Byline Bancorp during the second quarter worth $61,000. Finally, New York State Teachers Retirement System lifted its stake in Byline Bancorp by 25.3% during the third quarter. New York State Teachers Retirement System now owns 2,842 shares of the company's stock worth $76,000 after purchasing an additional 574 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Byline Bancorp Stock Up 1.7 %

Shares of BY traded up $0.53 during trading on Wednesday, reaching $31.76. 177,351 shares of the company traded hands, compared to its average volume of 137,280. Byline Bancorp, Inc. has a twelve month low of $19.70 and a twelve month high of $32.89. The stock has a market cap of $1.41 billion, a PE ratio of 11.36 and a beta of 1.15. The stock has a 50-day simple moving average of $28.87 and a 200-day simple moving average of $26.64.

Byline Bancorp declared that its board has approved a share buyback plan on Thursday, December 5th that authorizes the company to buyback 1,250,000 shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its stock is undervalued.

Byline Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were paid a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.36 annualized dividend and a yield of 1.13%. Byline Bancorp's dividend payout ratio is currently 13.09%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BY. Piper Sandler reissued an "overweight" rating and set a $34.00 price objective on shares of Byline Bancorp in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods lifted their price objective on shares of Byline Bancorp from $29.00 to $33.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th.

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.