Oceanside Advisors LLC Takes $206,000 Position in Byline Bancorp, Inc. (NYSE:BY)

Oceanside Advisors LLC bought a new position in shares of Byline Bancorp, Inc. (NYSE:BY) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,100 shares of the company’s stock, valued at approximately $206,000.

Several other hedge funds have also recently bought and sold shares of the business. New York State Teachers Retirement System boosted its holdings in Byline Bancorp by 25.3% in the 3rd quarter. New York State Teachers Retirement System now owns 2,842 shares of the company’s stock worth $76,000 after acquiring an additional 574 shares during the period. Chicago Partners Investment Group LLC grew its holdings in Byline Bancorp by 8.5% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 7,934 shares of the company’s stock valued at $212,000 after purchasing an additional 619 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Byline Bancorp by 19.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,403 shares of the company’s stock worth $294,000 after buying an additional 2,023 shares during the period. Principal Financial Group Inc. lifted its holdings in Byline Bancorp by 21.4% in the 3rd quarter. Principal Financial Group Inc. now owns 20,164 shares of the company’s stock worth $540,000 after buying an additional 3,550 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in Byline Bancorp by 39.9% in the 4th quarter. SG Americas Securities LLC now owns 13,767 shares of the company’s stock valued at $399,000 after buying an additional 3,926 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Hovde Group lifted their target price on Byline Bancorp from $33.00 to $34.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods upped their target price on Byline Bancorp from $29.00 to $33.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and set a $34.00 target price on shares of Byline Bancorp in a research note on Tuesday, October 29th. Finally, Stephens lifted their price target on shares of Byline Bancorp from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 29th.

Byline Bancorp Trading Down 0.9 %

BY stock opened at $29.40 on Tuesday. The stock’s 50 day simple moving average is $29.32 and its 200 day simple moving average is $28.18. Byline Bancorp, Inc. has a 12-month low of $19.70 and a 12-month high of $32.89. The firm has a market cap of $1.30 billion, a P/E ratio of 10.65 and a beta of 1.15.

Byline Bancorp (NYSE:BY) last issued its earnings results on Thursday, January 23rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Byline Bancorp had a net margin of 19.33% and a return on equity of 11.61%. On average, research analysts forecast that Byline Bancorp, Inc. will post 2.6 EPS for the current fiscal year.

Byline Bancorp announced that its Board of Directors has initiated a stock repurchase program on Thursday, December 5th that authorizes the company to repurchase 1,250,000 outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Byline Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Tuesday, February 4th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, February 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.36%. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.09. Byline Bancorp’s dividend payout ratio (DPR) is currently 14.49%.

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.