Empowered Funds LLC Purchases New Position in Byline Bancorp, Inc. $BY

Empowered Funds LLC bought a new position in Byline Bancorp, Inc. (NYSE:BY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 213,253 shares of the company’s stock, valued at approximately $8,031,000. Empowered Funds LLC owned 0.47% of Byline Bancorp at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Clearstead Advisors LLC grew its position in Byline Bancorp by 83.1% in the fourth quarter. Clearstead Advisors LLC now owns 1,578 shares of the company’s stock valued at $46,000 after acquiring an additional 716 shares in the last quarter. Allworth Financial LP acquired a new position in shares of Byline Bancorp during the second quarter worth $61,000. Parkside Financial Bank & Trust lifted its position in shares of Byline Bancorp by 15.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,381 shares of the company’s stock worth $69,000 after purchasing an additional 313 shares in the last quarter. Royal Bank of Canada lifted its holdings in Byline Bancorp by 58.3% in the 1st quarter. Royal Bank of Canada now owns 2,332 shares of the company’s stock worth $73,000 after buying an additional 859 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Byline Bancorp by 1,572.5% during the third quarter. Russell Investments Group Ltd. now owns 2,860 shares of the company’s stock worth $79,000 after acquiring an additional 2,689 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Byline Bancorp news, insider Dana Rose sold 2,421 shares of Byline Bancorp stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $39.00, for a total transaction of $94,419.00. Following the transaction, the insider directly owned 11,605 shares in the company, valued at approximately $452,595. The trade was a 17.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Roberto R. Herencia sold 19,750 shares of Byline Bancorp stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $39.21, for a total value of $774,397.50. Following the transaction, the chief executive officer directly owned 411,643 shares in the company, valued at approximately $16,140,522.03. This trade represents a 4.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 622,171 shares of company stock valued at $24,328,816 over the last ninety days. Corporate insiders own 29.09% of the company’s stock.

Analyst Upgrades and Downgrades

BY has been the topic of a number of recent analyst reports. Zacks Research lowered Byline Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Raymond James Financial began coverage on shares of Byline Bancorp in a research note on Wednesday, July 8th. They issued a “market perform” rating for the company. Hovde Group upped their price target on shares of Byline Bancorp from $39.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Stephens set a $40.00 price objective on shares of Byline Bancorp in a research note on Monday, July 27th. Finally, Piper Sandler raised their price objective on shares of Byline Bancorp from $40.00 to $46.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Byline Bancorp Stock Performance

Shares of NYSE:BY opened at $38.38 on Friday. The company’s fifty day moving average is $38.14 and its two-hundred day moving average is $34.55. Byline Bancorp, Inc. has a 1-year low of $25.57 and a 1-year high of $40.03. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 11.60 and a beta of 0.71.

Byline Bancorp (NYSE:BY) last posted its earnings results on Thursday, July 23rd. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.79 by $0.12. The company had revenue of $117.71 million during the quarter, compared to analyst estimates of $115.78 million. Byline Bancorp had a return on equity of 11.84% and a net margin of 23.36%. Sell-side analysts expect that Byline Bancorp, Inc. will post 3.35 EPS for the current fiscal year.

Byline Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 18th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $0.56 annualized dividend and a dividend yield of 1.5%. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.12. Byline Bancorp’s dividend payout ratio is 16.92%.

Byline Bancorp Company Profile

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.