Connor Clark & Lunn Investment Management Ltd. Grows Position in Byline Bancorp, Inc. (NYSE:BY)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Byline Bancorp, Inc. (NYSE:BY) by 15.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,536 shares of the company’s stock after buying an additional 11,280 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Byline Bancorp were worth $2,510,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. FMR LLC grew its holdings in shares of Byline Bancorp by 7.3% in the third quarter. FMR LLC now owns 1,035,844 shares of the company’s stock valued at $27,730,000 after purchasing an additional 70,863 shares during the period. State Street Corp grew its holdings in shares of Byline Bancorp by 6.5% in the third quarter. State Street Corp now owns 845,405 shares of the company’s stock valued at $22,631,000 after purchasing an additional 51,603 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Byline Bancorp by 71.6% in the third quarter. JPMorgan Chase & Co. now owns 557,242 shares of the company’s stock valued at $14,917,000 after purchasing an additional 232,530 shares during the period. 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 during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Byline Bancorp by 0.6% in the fourth quarter. Bank of New York Mellon Corp now owns 166,809 shares of the company’s stock valued at $4,837,000 after purchasing an additional 973 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Stephens upped their price objective on shares of Byline Bancorp from $33.00 to $34.00 and gave the company an “equal weight” rating in a report on Wednesday, January 29th. Keefe, Bruyette & Woods increased 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, Hovde Group increased their target price on shares of Byline Bancorp from $33.00 to $34.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th.

Insider Transactions at Byline Bancorp

In other news, insider Thomas Abraham sold 6,658 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $28.86, for a total transaction of $192,149.88. Following the sale, the insider now owns 62,282 shares of the company’s stock, valued at approximately $1,797,458.52. This represents a 9.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 30.06% of the company’s stock.

Byline Bancorp Price Performance

Shares of BY stock opened at $26.29 on Wednesday. The firm has a market cap of $1.17 billion, a PE ratio of 9.53 and a beta of 1.15. The company has a 50-day moving average of $28.40 and a two-hundred day moving average of $28.43. Byline Bancorp, Inc. has a 1-year low of $19.70 and a 1-year high of $32.89.

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

Byline Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Tuesday, February 4th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Tuesday, February 4th. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.09. Byline Bancorp’s dividend payout ratio is currently 14.49%.

Byline Bancorp announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 5th that permits the company to repurchase 1,250,000 outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are 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.