Byline Bancorp, Inc. (NYSE:BY) Short Interest Update

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

Institutional Investors Weigh In On Byline Bancorp

A number of large investors have recently modified their holdings of the company. Wellington Management Group LLP grew its stake in shares of Byline Bancorp by 209.0% during the third quarter. Wellington Management Group LLP now owns 410,359 shares of the company’s stock worth $10,985,000 after purchasing an additional 277,559 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Byline Bancorp by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,855,547 shares of the company’s stock worth $44,049,000 after buying an additional 106,940 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Byline Bancorp by 20.4% during the 2nd quarter. American Century Companies Inc. now owns 518,727 shares of the company’s stock worth $12,315,000 after acquiring an additional 87,796 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Byline Bancorp by 173.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,780 shares of the company’s stock valued at $3,153,000 after acquiring an additional 74,709 shares during the last quarter. Finally, FMR LLC raised its position in shares of Byline Bancorp by 7.3% during the 3rd quarter. FMR LLC now owns 1,035,844 shares of the company’s stock worth $27,730,000 after acquiring an additional 70,863 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Piper Sandler reiterated an “overweight” rating and set a $34.00 price target on shares of Byline Bancorp in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods upped their target price on shares of Byline Bancorp from $29.00 to $33.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

Byline Bancorp Stock Down 1.6 %

NYSE BY traded down $0.49 during trading hours on Tuesday, hitting $30.75. 133,479 shares of the company were exchanged, compared to its average volume of 136,458. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 11.36 and a beta of 1.15. The company has a 50 day moving average of $29.34 and a two-hundred day moving average of $26.88. Byline Bancorp has a 52-week low of $19.70 and a 52-week high of $32.89.

Byline Bancorp declared that its board has approved a stock repurchase program on Thursday, December 5th that permits the company to buyback 1,250,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Byline Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Tuesday, November 5th were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.17%. Byline Bancorp’s payout ratio is 13.09%.

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.