Squarepoint Ops LLC Acquires New Stake in Byline Bancorp, Inc. $BY

Squarepoint Ops LLC bought a new position in Byline Bancorp, Inc. (NYSE:BY) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 32,240 shares of the company’s stock, valued at approximately $862,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC bought a new stake in shares of Byline Bancorp in the 2nd quarter worth $64,000. CWM LLC boosted its stake in Byline Bancorp by 59.5% during the second quarter. CWM LLC now owns 3,650 shares of the company’s stock valued at $98,000 after buying an additional 1,362 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Byline Bancorp by 319.3% during the second quarter. Tower Research Capital LLC TRC now owns 3,904 shares of the company’s stock worth $104,000 after acquiring an additional 2,973 shares during the period. Blair William & Co. IL bought a new stake in Byline Bancorp in the second quarter worth about $206,000. Finally, BNP Paribas Financial Markets lifted its holdings in Byline Bancorp by 51.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 7,751 shares of the company’s stock valued at $207,000 after acquiring an additional 2,641 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BY. Keefe, Bruyette & Woods lifted their price objective on shares of Byline Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a research note on Monday, October 27th. Piper Sandler increased their price objective on Byline Bancorp from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Byline Bancorp in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $33.25.

Insider Activity

In related news, insider Thomas Abraham sold 23,400 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $26.89, for a total transaction of $629,226.00. Following the completion of the sale, the insider directly owned 38,882 shares in the company, valued at approximately $1,045,536.98. This trade represents a 37.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 28.79% of the stock is owned by company insiders.

Byline Bancorp Price Performance

BY stock opened at $30.11 on Tuesday. Byline Bancorp, Inc. has a 52-week low of $22.63 and a 52-week high of $31.24. The company’s 50 day simple moving average is $28.05 and its 200-day simple moving average is $27.67. The firm has a market capitalization of $1.38 billion, a P/E ratio of 10.72 and a beta of 0.86.

Byline Bancorp (NYSE:BY) last posted its quarterly earnings data on Monday, June 6th. The company reported $0.57 EPS for the quarter. Byline Bancorp had a net margin of 20.01% and a return on equity of 11.26%. The firm had revenue of $72.38 million during the quarter. Sell-side analysts predict that Byline Bancorp, Inc. will post 2.6 EPS for the current fiscal year.

Byline Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 18th. Stockholders of record on Tuesday, November 4th were issued a $0.10 dividend. The ex-dividend date was Tuesday, November 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.3%. Byline Bancorp’s dividend payout ratio is currently 14.23%.

Byline Bancorp announced that its Board of Directors has initiated a share repurchase plan on Thursday, December 11th that authorizes the company to buyback $2.25 million in shares. This buyback authorization authorizes the company to buy up to 0.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

About Byline Bancorp

Byline Bancorp, Inc is the bank holding company for Byline Bank, a full-service commercial bank headquartered in Chicago, Illinois. Established under its current name in 2016, the company operates as a community-focused financial institution offering a broad array of banking products and services to corporate, professional and consumer clients.

On the commercial banking side, Byline Bancorp serves small and midsize businesses, real estate developers, professional services firms and nonprofit organizations.