Byline Bancorp (NYSE:BY) Posts Earnings Results, Beats Expectations By $0.04 EPS
by Renee Jackson · The Cerbat GemByline Bancorp (NYSE:BY – Get Free Report) released its quarterly earnings data on Thursday. The company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04, FiscalAI reports. The firm had revenue of $117.01 million for the quarter, compared to analysts’ expectations of $112.51 million. Byline Bancorp had a return on equity of 11.26% and a net margin of 20.01%.
Byline Bancorp Stock Performance
NYSE BY traded up $0.03 during trading on Thursday, reaching $31.62. 194,710 shares of the company’s stock were exchanged, compared to its average volume of 202,822. The company has a 50 day moving average price of $29.32 and a two-hundred day moving average price of $28.22. The stock has a market cap of $1.45 billion, a P/E ratio of 11.25 and a beta of 0.86. Byline Bancorp has a 1 year low of $22.63 and a 1 year high of $32.14.
Insiders Place Their Bets
In related news, insider Thomas Abraham sold 23,400 shares of the business’s stock in a transaction that occurred on Tuesday, October 28th. The stock was sold at an average price of $26.89, for a total transaction of $629,226.00. Following the completion of the sale, the insider owned 38,882 shares in the company, valued at $1,045,536.98. The trade was a 37.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 28.79% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the business. Legal & General Group Plc boosted its position in Byline Bancorp by 2.5% during the second quarter. Legal & General Group Plc now owns 29,577 shares of the company’s stock worth $791,000 after purchasing an additional 712 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Byline Bancorp by 4.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 16,815 shares of the company’s stock valued at $449,000 after acquiring an additional 728 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Byline Bancorp by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,491 shares of the company’s stock valued at $484,000 after acquiring an additional 770 shares in the last quarter. Aquatic Capital Management LLC lifted its holdings in shares of Byline Bancorp by 10.0% in the third quarter. Aquatic Capital Management LLC now owns 16,114 shares of the company’s stock valued at $447,000 after purchasing an additional 1,471 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Byline Bancorp by 3.3% in the second quarter. Rhumbline Advisers now owns 49,829 shares of the company’s stock valued at $1,332,000 after purchasing an additional 1,582 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.
Byline Bancorp announced that its Board of Directors has initiated a share buyback program on Thursday, December 11th that allows the company to buyback $2.25 million in shares. This buyback authorization allows the company to purchase up to 0.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Byline Bancorp in a research report on Wednesday, October 8th. Piper Sandler raised their price target on Byline Bancorp from $34.00 to $35.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Finally, Keefe, Bruyette & Woods boosted their price objective on Byline Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a report on Monday, October 27th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Byline Bancorp has a consensus rating of “Moderate Buy” and an average price target of $33.25.
Check Out Our Latest Analysis on Byline Bancorp
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.
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