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

Byline Bancorp (NYSE:BY) had its price objective increased by equities researchers at Hovde Group from $33.00 to $34.00 in a research report issued on Monday, MarketBeat Ratings reports. The brokerage currently has an “outperform” rating on the stock. Hovde Group’s price target would indicate a potential upside of 16.36% from the stock’s current price.

Several other research firms have also issued reports on BY. 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 research report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and issued a $34.00 price objective on shares of Byline Bancorp in a research note on Tuesday, October 29th.

Byline Bancorp Stock Down 0.0 %

BY opened at $29.22 on Monday. Byline Bancorp has a twelve month low of $19.70 and a twelve month high of $32.89. The company’s 50-day moving average price is $29.69 and its two-hundred day moving average price is $28.08. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 10.63 and a beta of 1.15.

Byline Bancorp (NYSE:BY) last posted its quarterly earnings data 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 return on equity of 11.90% and a net margin of 19.39%. As a group, sell-side analysts anticipate that Byline Bancorp will post 2.68 earnings per share for the current year.

Byline Bancorp announced that its board has initiated a stock buyback program on Thursday, December 5th that permits the company to repurchase 1,250,000 outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Byline Bancorp

Large investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. purchased a new stake in shares of Byline Bancorp during the 2nd quarter valued at $26,000. New York State Teachers Retirement System lifted its stake in 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 worth $76,000 after purchasing an additional 574 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Byline Bancorp by 995.8% in the 3rd quarter. US Bancorp DE now owns 4,646 shares of the company’s stock worth $124,000 after purchasing an additional 4,222 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Byline Bancorp during the 3rd quarter valued at about $127,000. Finally, First American Bank purchased a new position in shares of Byline Bancorp during the 3rd quarter valued at about $212,000. Institutional investors own 67.73% of the company’s stock.

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.