Byline Bancorp (NYSE:BY) Upgraded to Strong-Buy at Zacks Research

Byline Bancorp (NYSE:BY) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other brokerages have also recently weighed in on BY. Weiss Ratings restated a “buy (b-)” rating on shares of Byline Bancorp in a research note on Wednesday, January 21st. Piper Sandler reissued an “overweight” rating and set a $37.00 price target on shares of Byline Bancorp in a research report on Tuesday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Byline Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a research report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $33.67.

Byline Bancorp Stock Performance

NYSE BY opened at $30.98 on Tuesday. The firm’s 50 day moving average price is $29.76 and its 200-day moving average price is $28.33. Byline Bancorp has a 52-week low of $22.63 and a 52-week high of $32.14. The company has a market cap of $1.42 billion, a PE ratio of 10.76 and a beta of 0.86.

Byline Bancorp (NYSE:BY) last posted its earnings results on Thursday, January 22nd. The company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. The company had revenue of $117.01 million during the quarter, compared to analyst estimates of $112.51 million. Byline Bancorp had a return on equity of 11.38% and a net margin of 20.54%. On average, analysts forecast that Byline Bancorp will post 2.6 earnings per share for the current fiscal year.

Byline Bancorp announced that its board has approved a stock buyback program on Thursday, December 11th that authorizes the company to buyback $2.25 million in shares. This buyback authorization authorizes the company to purchase up to 0.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Byline Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in Byline Bancorp by 34.4% during the 1st quarter. AQR Capital Management LLC now owns 137,998 shares of the company’s stock valued at $3,610,000 after purchasing an additional 35,324 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Byline Bancorp by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,491 shares of the company’s stock valued at $484,000 after buying an additional 770 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Byline Bancorp by 7.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 76,245 shares of the company’s stock valued at $1,995,000 after buying an additional 5,213 shares during the last quarter. Jane Street Group LLC increased its holdings in Byline Bancorp by 71.0% in the 1st quarter. Jane Street Group LLC now owns 152,478 shares of the company’s stock worth $3,989,000 after buying an additional 63,317 shares during the period. Finally, Farther Finance Advisors LLC acquired a new stake in Byline Bancorp during the 2nd quarter valued at approximately $64,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

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.