Short Interest in Byline Bancorp, Inc. (NYSE:BY) Declines By 12.7%

Byline Bancorp, Inc. (NYSE:BY) was the recipient of a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 487,700 shares, a decrease of 12.7% from the November 15th total of 558,900 shares. Based on an average daily volume of 153,800 shares, the short-interest ratio is presently 3.2 days. Currently, 1.9% of the company’s stock are sold short.

Byline Bancorp Stock Down 1.6 %

Shares of NYSE BY traded down $0.49 during trading on Tuesday, hitting $30.75. The company had a trading volume of 133,479 shares, compared to its average volume of 136,681. The stock has a fifty day simple moving average of $29.34 and a two-hundred day simple moving average of $26.88. Byline Bancorp has a fifty-two week low of $19.70 and a fifty-two week high of $32.89. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 11.18 and a beta of 1.15.

Byline Bancorp declared that its Board of Directors has approved a share repurchase program on Thursday, December 5th that permits the company to buyback 1,250,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Byline Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 5th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend was Tuesday, November 5th. Byline Bancorp’s dividend payout ratio is currently 13.09%.

Hedge Funds Weigh In On Byline Bancorp

A number of institutional investors have recently bought and sold shares of the company. PDT Partners LLC increased its position in shares of Byline Bancorp by 87.4% during the third quarter. PDT Partners LLC now owns 37,074 shares of the company’s stock valued at $992,000 after acquiring an additional 17,288 shares during the last quarter. FMR LLC grew its holdings in shares of Byline Bancorp by 7.3% in the third quarter. FMR LLC now owns 1,035,844 shares of the company’s stock valued at $27,730,000 after purchasing an additional 70,863 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Byline Bancorp by 16.1% in the second quarter. Bank of New York Mellon Corp now owns 191,122 shares of the company’s stock valued at $4,537,000 after purchasing an additional 26,539 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Byline Bancorp by 89.9% in the third quarter. BNP Paribas Financial Markets now owns 13,093 shares of the company’s stock valued at $350,000 after purchasing an additional 6,198 shares in the last quarter. Finally, Bailard Inc. grew its holdings in shares of Byline Bancorp by 72.3% in the second quarter. Bailard Inc. now owns 19,300 shares of the company’s stock valued at $458,000 after purchasing an additional 8,100 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods increased their target price on shares of Byline Bancorp from $29.00 to $33.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $34.00 price target on shares of Byline Bancorp in a report on Tuesday, October 29th.

Byline Bancorp Company Profile

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.