Man Group plc Invests $3.35 Million in Byline Bancorp, Inc. $BY

Man Group plc purchased a new stake in shares of Byline Bancorp, Inc. (NYSE:BY) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 88,827 shares of the company’s stock, valued at approximately $3,345,000.

A number of other large investors have also added to or reduced their stakes in BY. Clearstead Advisors LLC boosted its stake 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 during the last quarter. Allworth Financial LP purchased a new stake in shares of Byline Bancorp during the 2nd quarter worth approximately $61,000. Parkside Financial Bank & Trust raised its holdings in shares of Byline Bancorp by 15.1% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,381 shares of the company’s stock worth $69,000 after purchasing an additional 313 shares during the period. Royal Bank of Canada raised its holdings in shares of 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 purchasing an additional 859 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in Byline Bancorp by 1,572.5% in the third quarter. Russell Investments Group Ltd. now owns 2,860 shares of the company’s stock valued at $79,000 after purchasing an additional 2,689 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BY. Keefe, Bruyette & Woods boosted their target price on Byline Bancorp from $37.00 to $41.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Raymond James Financial started coverage on shares of Byline Bancorp in a research report on Wednesday, July 8th. They set a “market perform” rating for the company. Piper Sandler lifted their target price on shares of Byline Bancorp from $40.00 to $46.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 28th. Weiss Ratings restated a “buy (b)” rating on shares of Byline Bancorp in a research note on Friday, August 7th. Finally, Hovde Group raised their price objective on shares of Byline Bancorp from $39.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Byline Bancorp Trading Down 0.9%

Byline Bancorp stock opened at $37.94 on Tuesday. Byline Bancorp, Inc. has a 1-year low of $25.57 and a 1-year high of $40.03. The firm has a market capitalization of $1.71 billion, a PE ratio of 11.46 and a beta of 0.71. The firm’s 50 day simple moving average is $38.19 and its 200 day simple moving average is $34.59.

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

Byline Bancorp Increases Dividend

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

Insider Activity at Byline Bancorp

In related news, Director Valle Perochena Antonio Del sold 300,000 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $39.10, for a total value of $11,730,000.00. Following the completion of the transaction, the director directly owned 11,535,145 shares in the company, valued at approximately $451,024,169.50. The trade was a 2.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Investors I. L.P. Mbg sold 300,000 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $39.10, for a total value of $11,730,000.00. Following the completion of the transaction, the insider owned 11,535,145 shares of the company’s stock, valued at $451,024,169.50. The trade was a 2.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 622,171 shares of company stock worth $24,328,816 in the last 90 days. 29.09% of the stock is currently owned by corporate insiders.

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.