Byline Bancorp (NYSE:BY) Downgraded to Hold Rating by Zacks Research

Byline Bancorp (NYSE:BY) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Weiss Ratings reissued a “buy (b)” rating on shares of Byline Bancorp in a report on Wednesday, May 13th. Raymond James Financial initiated coverage on Byline Bancorp in a research note on Wednesday, July 8th. They issued a “market perform” rating on the stock. Finally, Piper Sandler increased their price objective on Byline Bancorp from $37.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Byline Bancorp has an average rating of “Hold” and an average target price of $36.00.

Byline Bancorp Stock Down 0.3%

NYSE BY opened at $37.62 on Wednesday. Byline Bancorp has a twelve month low of $25.38 and a twelve month high of $38.88. The stock has a market cap of $1.71 billion, a P/E ratio of 12.26 and a beta of 0.72. The company’s 50-day simple moving average is $35.47 and its 200 day simple moving average is $33.16.

Byline Bancorp (NYSE:BY) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.12. The firm had revenue of $117.71 million during the quarter, compared to analysts’ expectations of $115.78 million. Byline Bancorp had a net margin of 21.86% and a return on equity of 11.56%. Research analysts anticipate that Byline Bancorp will post 3.28 earnings per share for the current year.

Hedge Funds Weigh In On Byline Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Empowered Funds LLC increased its stake in shares of Byline Bancorp by 5.0% in the first quarter. Empowered Funds LLC now owns 202,525 shares of the company’s stock valued at $6,394,000 after buying an additional 9,600 shares in the last quarter. Bank of America Corp DE grew its holdings in Byline Bancorp by 11.3% during the 1st quarter. Bank of America Corp DE now owns 135,836 shares of the company’s stock worth $4,288,000 after acquiring an additional 13,763 shares during the last quarter. Royal Bank of Canada grew its holdings in Byline Bancorp by 58.3% during the 1st quarter. Royal Bank of Canada now owns 2,332 shares of the company’s stock worth $73,000 after acquiring an additional 859 shares during the last quarter. Quantinno Capital Management LP increased its position in Byline Bancorp by 18.5% in the 1st quarter. Quantinno Capital Management LP now owns 19,396 shares of the company’s stock valued at $612,000 after acquiring an additional 3,026 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Byline Bancorp by 2.1% in the 1st quarter. First Trust Advisors LP now owns 86,509 shares of the company’s stock valued at $2,731,000 after acquiring an additional 1,779 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.