Byline Bancorp (NYSE:BY) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Byline Bancorp (NYSE:BY) posted its earnings results on Thursday. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04, FiscalAI reports. Byline Bancorp had a return on equity of 11.26% and a net margin of 20.01%.The company had revenue of $117.01 million for the quarter, compared to analyst estimates of $112.51 million.

Byline Bancorp Stock Performance

NYSE:BY traded up $0.03 during trading hours on Thursday, reaching $31.62. The stock had a trading volume of 194,710 shares, compared to its average volume of 202,821. The stock has a market cap of $1.45 billion, a P/E ratio of 11.25 and a beta of 0.86. Byline Bancorp has a 12-month low of $22.63 and a 12-month high of $32.14. The stock has a 50 day simple moving average of $29.32 and a 200 day simple moving average of $28.22.

Insider Transactions at Byline Bancorp

In other Byline Bancorp news, insider Thomas Abraham sold 23,400 shares of the stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $26.89, for a total transaction of $629,226.00. Following the completion of the transaction, the insider owned 38,882 shares in the company, valued at $1,045,536.98. This trade represents a 37.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 28.79% of the company’s stock.

Institutional Trading of Byline Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its holdings in Byline Bancorp by 1.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,322,339 shares of the company’s stock worth $64,399,000 after buying an additional 24,507 shares during the period. Qube Research & Technologies Ltd boosted its holdings in shares of Byline Bancorp by 56.2% in the third quarter. Qube Research & Technologies Ltd now owns 358,536 shares of the company’s stock worth $9,942,000 after acquiring an additional 129,032 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Byline Bancorp by 19.8% in the second quarter. AQR Capital Management LLC now owns 165,263 shares of the company’s stock worth $4,417,000 after acquiring an additional 27,265 shares during the period. First Trust Advisors LP grew its position in shares of Byline Bancorp by 93.0% in the second quarter. First Trust Advisors LP now owns 163,685 shares of the company’s stock valued at $4,375,000 after purchasing an additional 78,870 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Byline Bancorp by 3.7% during the 2nd quarter. Jane Street Group LLC now owns 158,144 shares of the company’s stock valued at $4,227,000 after purchasing an additional 5,666 shares during the period. Institutional investors own 67.73% of the company’s stock.

Byline Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Thursday, December 11th that permits the company to buyback $2.25 million in shares. This buyback authorization permits the company to purchase up to 0.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have weighed in on BY. Weiss Ratings restated a “buy (b-)” rating on shares of Byline Bancorp in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods boosted their price target on shares of Byline Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a report on Monday, October 27th. Finally, Piper Sandler upped their price objective on shares of Byline Bancorp from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.25.

Byline Bancorp Company Profile

Byline Bancorp, Inc is the bank holding company for Byline Bank, a full-service commercial bank headquartered in Chicago, Illinois. Established under its current name in 2016, the company operates as a community-focused financial institution offering a broad array of banking products and services to corporate, professional and consumer clients.

On the commercial banking side, Byline Bancorp serves small and midsize businesses, real estate developers, professional services firms and nonprofit organizations.