Empowered Funds LLC Increases Stock Position in Byline Bancorp, Inc. (NYSE:BY)

Empowered Funds LLC increased its stake in shares of Byline Bancorp, Inc. (NYSE:BY) by 5.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 163,149 shares of the company’s stock after buying an additional 7,942 shares during the period. Empowered Funds LLC’s holdings in Byline Bancorp were worth $4,731,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in shares of Byline Bancorp by 209.0% in the third quarter. Wellington Management Group LLP now owns 410,359 shares of the company’s stock valued at $10,985,000 after purchasing an additional 277,559 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Byline Bancorp by 71.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 557,242 shares of the company’s stock valued at $14,917,000 after buying an additional 232,530 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Byline Bancorp by 173.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 117,780 shares of the company’s stock worth $3,153,000 after acquiring an additional 74,709 shares in the last quarter. FMR LLC increased its position in shares of Byline Bancorp by 7.3% during the third quarter. FMR LLC now owns 1,035,844 shares of the company’s stock worth $27,730,000 after acquiring an additional 70,863 shares during the period. Finally, Fiducient Advisors LLC purchased a new stake in shares of Byline Bancorp during the third quarter worth $1,730,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Byline Bancorp Stock Performance

NYSE:BY opened at $30.09 on Wednesday. Byline Bancorp, Inc. has a 1 year low of $19.70 and a 1 year high of $32.89. The stock has a market cap of $1.34 billion, a P/E ratio of 10.90 and a beta of 1.15. The stock has a 50-day simple moving average of $29.30 and a 200-day simple moving average of $28.18.

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

Byline Bancorp declared that its board has initiated a stock repurchase plan on Thursday, December 5th that authorizes the company to repurchase 1,250,000 shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Byline Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Tuesday, February 4th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.33%. This is an increase from Byline Bancorp’s previous quarterly dividend of $0.09. The ex-dividend date is Tuesday, February 4th. Byline Bancorp’s dividend payout ratio (DPR) is 14.49%.

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.