Hovde Group Issues Positive Forecast for Byline Bancorp (NYSE:BY) Stock Price

Byline Bancorp (NYSE:BY) had its price target boosted by equities research analysts at Hovde Group from $33.00 to $34.00 in a report released on Monday, Marketbeat.com reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s price objective suggests a potential upside of 16.36% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Piper Sandler reissued an “overweight” rating and issued 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 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 Trading Down 0.0 %

Shares of NYSE:BY opened at $29.22 on Monday. Byline Bancorp has a 12-month low of $19.70 and a 12-month high of $32.89. The stock’s 50-day moving average price is $29.69 and its 200-day moving average price is $28.08. The stock has a market capitalization of $1.30 billion, a P/E ratio of 10.63 and a beta of 1.15.

Byline Bancorp (NYSE:BY) last announced its quarterly earnings results on Thursday, January 23rd. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates 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, research analysts predict that Byline Bancorp will post 2.68 EPS for the current year.

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

Institutional Investors Weigh In On Byline Bancorp

Hedge funds have recently made changes to their positions in the company. New York State Teachers Retirement System raised its holdings in Byline Bancorp by 25.3% in 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 in the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of Byline Bancorp by 8.5% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 7,934 shares of the company’s stock worth $212,000 after acquiring an additional 619 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Byline Bancorp during the 2nd quarter valued at about $26,000. The Manufacturers Life Insurance Company boosted its stake in Byline Bancorp by 19.5% during the second quarter. The Manufacturers Life Insurance Company now owns 12,403 shares of the company’s stock worth $294,000 after acquiring an additional 2,023 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Byline Bancorp by 21.4% in the third quarter. Principal Financial Group Inc. now owns 20,164 shares of the company’s stock worth $540,000 after purchasing an additional 3,550 shares during the period. 67.73% of the stock is currently owned by institutional investors.

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.