Share Repurchase Program Authorized by Byline Bancorp (NYSE:BY) Board

Byline Bancorp (NYSE:BY) announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 5th, RTT News reports. The company plans to repurchase 1,250,000 shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Byline Bancorp Stock Performance

BY stock opened at $31.61 on Friday. The firm has a 50-day simple moving average of $28.67 and a two-hundred day simple moving average of $26.49. Byline Bancorp has a one year low of $19.70 and a one year high of $32.89. The firm has a market cap of $1.40 billion, a price-to-earnings ratio of 11.49 and a beta of 1.15.

Byline Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were paid a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.36 annualized dividend and a yield of 1.14%. Byline Bancorp’s dividend payout ratio (DPR) is 13.09%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BY shares. Keefe, Bruyette & Woods lifted their price objective on shares of Byline Bancorp from $29.00 to $33.00 and gave the company a “market perform” rating in a report on Wednesday. Piper Sandler reiterated an “overweight” rating and issued a $34.00 price target on shares of Byline Bancorp in a report on Tuesday, October 29th.

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.