Hovde Group Issues Positive Forecast for Byline Bancorp (NYSE:BY) Stock Price

Byline Bancorp (NYSE:BY) had its target price boosted by Hovde Group from $33.00 to $34.00 in a report issued on Monday,Briefing.com Automated Import reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s price objective suggests a potential upside of 16.50% from the company’s current price.

Several other analysts have also issued reports on BY. Piper Sandler reissued an “overweight” rating and set a $34.00 price target on shares of Byline Bancorp in a report on Tuesday, October 29th. Keefe, Bruyette & Woods increased their target price on shares of Byline Bancorp from $29.00 to $33.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

Byline Bancorp Stock Up 3.0 %

Shares of NYSE:BY opened at $29.19 on Monday. The stock has a market capitalization of $1.30 billion, a PE ratio of 10.61 and a beta of 1.15. The firm’s 50 day moving average price is $29.75 and its 200-day moving average price is $28.02. Byline Bancorp has a twelve month low of $19.70 and a twelve month high of $32.89.

Byline Bancorp (NYSE:BY) last released its quarterly earnings results on Thursday, January 23rd. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. Byline Bancorp had a net margin of 19.39% and a return on equity of 11.90%. Analysts expect that Byline Bancorp will post 2.68 earnings per share for the current fiscal year.

Byline Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Thursday, December 5th that allows the company to buyback 1,250,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Byline Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its position in shares of Byline Bancorp by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,855,547 shares of the company’s stock valued at $44,049,000 after acquiring an additional 106,940 shares during the last quarter. FMR LLC grew its stake in shares of Byline Bancorp by 7.3% in the 3rd quarter. FMR LLC now owns 1,035,844 shares of the company’s stock worth $27,730,000 after buying an additional 70,863 shares in the last quarter. State Street Corp increased its holdings in shares of Byline Bancorp by 6.5% in the 3rd quarter. State Street Corp now owns 845,405 shares of the company’s stock worth $22,631,000 after buying an additional 51,603 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Byline Bancorp by 71.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 557,242 shares of the company’s stock valued at $14,917,000 after buying an additional 232,530 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Byline Bancorp by 209.0% in the 3rd quarter. Wellington Management Group LLP now owns 410,359 shares of the company’s stock valued at $10,985,000 after acquiring an additional 277,559 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

About Byline Bancorp

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.