Intech Investment Management LLC Takes $444,000 Position in Byline Bancorp, Inc. (NYSE:BY)

Intech Investment Management LLC bought a new position in shares of Byline Bancorp, Inc. (NYSE:BY) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 15,314 shares of the company’s stock, valued at approximately $444,000.

A number of other hedge funds have also added to or reduced their stakes in BY. PDT Partners LLC grew its position in shares of Byline Bancorp by 87.4% during the 3rd quarter. PDT Partners LLC now owns 37,074 shares of the company’s stock worth $992,000 after buying an additional 17,288 shares during the period. Barclays PLC grew its holdings in Byline Bancorp by 48.3% in the third quarter. Barclays PLC now owns 58,874 shares of the company’s stock worth $1,577,000 after purchasing an additional 19,187 shares during the period. JPMorgan Chase & Co. increased its stake in 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 in the last quarter. State Street Corp raised its holdings in shares of Byline Bancorp by 6.5% during 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. Finally, Principal Financial Group Inc. boosted its position in shares of Byline Bancorp by 21.4% during the 3rd 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 in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BY has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods boosted their target price on Byline Bancorp from $29.00 to $33.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Hovde Group boosted their price objective on Byline Bancorp from $33.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Finally, Stephens increased their target price on Byline Bancorp from $33.00 to $34.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 29th.

Insider Activity at Byline Bancorp

In related news, insider Thomas Abraham sold 6,658 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $28.86, for a total transaction of $192,149.88. Following the completion of the sale, the insider now directly owns 62,282 shares of the company’s stock, valued at approximately $1,797,458.52. This trade represents a 9.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 30.06% of the stock is owned by insiders.

Byline Bancorp Stock Performance

BY stock opened at $27.07 on Tuesday. The business has a 50-day simple moving average of $28.34 and a two-hundred day simple moving average of $28.42. The company has a market capitalization of $1.21 billion, a P/E ratio of 9.81 and a beta of 1.15. Byline Bancorp, Inc. has a 52-week low of $19.70 and a 52-week high of $32.89.

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, topping the consensus estimate of $0.61 by $0.08. Byline Bancorp had a return on equity of 11.61% and a net margin of 19.33%. As a group, sell-side analysts forecast that Byline Bancorp, Inc. will post 2.6 earnings per share for the current fiscal year.

Byline Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Tuesday, February 4th were issued a $0.10 dividend. The ex-dividend date was Tuesday, February 4th. This represents a $0.40 annualized dividend and a dividend yield of 1.48%. This is an increase 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 initiated a stock repurchase plan on Thursday, December 5th that allows the company to buyback 1,250,000 shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors 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.