Stephens Forecasts Strong Price Appreciation for Byline Bancorp (NYSE:BY) Stock

Byline Bancorp (NYSE:BY - Get Free Report) had its price objective upped by investment analysts at Stephens from $33.00 to $34.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Stephens' price objective suggests a potential upside of 15.03% from the stock's previous close.

Other equities research analysts have also recently issued reports about the stock. Hovde Group raised their target price on shares of Byline Bancorp from $33.00 to $34.00 and gave the stock an "outperform" rating in a research report on Monday. Piper Sandler reaffirmed an "overweight" rating and issued a $34.00 target price on shares of Byline Bancorp in a research report on Tuesday, October 29th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Byline Bancorp from $29.00 to $33.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th.

Byline Bancorp Stock Performance

Shares of BY stock traded up $0.05 on Wednesday, hitting $29.56. 89,307 shares of the company's stock traded hands, compared to its average volume of 141,727. Byline Bancorp has a one year low of $19.70 and a one year high of $32.89. The company's fifty day simple moving average is $29.66 and its 200 day simple moving average is $28.09. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 10.75 and a beta of 1.15.

Byline Bancorp (NYSE:BY - Get Free Report) last released its earnings results on Thursday, January 23rd. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. Byline Bancorp had a net margin of 19.39% and a return on equity of 11.90%. As a group, sell-side analysts anticipate that Byline Bancorp will post 2.68 earnings per share for the current fiscal year.

Byline Bancorp declared that its Board of Directors has initiated a stock buyback program on Thursday, December 5th that allows the company to repurchase 1,250,000 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of Byline Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of BY. AQR Capital Management LLC increased its stake in Byline Bancorp by 37.5% during the 2nd quarter. AQR Capital Management LLC now owns 104,247 shares of the company's stock valued at $2,475,000 after purchasing an additional 28,421 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Byline Bancorp by 19.5% in the second quarter. The Manufacturers Life Insurance Company now owns 12,403 shares of the company's stock worth $294,000 after acquiring an additional 2,023 shares during the period. Creative Planning grew its stake in shares of Byline Bancorp by 79.7% in the second quarter. Creative Planning now owns 17,958 shares of the company's stock worth $426,000 after acquiring an additional 7,966 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Byline Bancorp in the second quarter worth approximately $26,000. Finally, SG Americas Securities LLC bought a new stake in shares of Byline Bancorp in the third quarter worth approximately $263,000. 67.73% of the stock is currently owned by institutional investors.

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.