Byline Bancorp, Inc. (NYSE:BY) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its stake in Byline Bancorp, Inc. (NYSE:BY) by 22.5% in the third quarter, HoldingsChannel reports. The fund owned 15,198 shares of the company’s stock after purchasing an additional 2,795 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Byline Bancorp were worth $407,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in BY. Point72 Asset Management L.P. bought a new stake in shares of Byline Bancorp in the 2nd quarter worth approximately $26,000. CWM LLC raised its holdings in shares of Byline Bancorp by 104.5% during the second quarter. CWM LLC now owns 1,323 shares of the company’s stock valued at $31,000 after acquiring an additional 676 shares during the period. Innealta Capital LLC acquired a new stake in shares of Byline Bancorp during the second quarter valued at approximately $48,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Byline Bancorp during the second quarter valued at approximately $61,000. Finally, New York State Teachers Retirement System raised its holdings in shares of 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 valued at $76,000 after acquiring an additional 574 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BY has been the topic of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and set a $34.00 price target on shares of Byline Bancorp in a report on Tuesday, October 29th. Keefe, Bruyette & Woods boosted their price target on shares of Byline Bancorp from $29.00 to $33.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

Byline Bancorp Stock Performance

Shares of BY stock opened at $31.12 on Monday. The company has a market capitalization of $1.38 billion, a P/E ratio of 11.32 and a beta of 1.15. The company’s 50 day moving average price is $29.22 and its two-hundred day moving average price is $26.82. Byline Bancorp, Inc. has a 52 week low of $19.70 and a 52 week high of $32.89.

Byline Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Tuesday, November 5th were issued a dividend of $0.09 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.36 dividend on an annualized basis and a yield of 1.16%. Byline Bancorp’s payout ratio is 13.09%.

Byline Bancorp announced that its Board of Directors has initiated a share buyback plan on Thursday, December 5th that allows the company to repurchase 1,250,000 shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Byline Bancorp Company 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.