Principal Financial Group Inc. Grows Holdings in Byline Bancorp, Inc. (NYSE:BY)

Principal Financial Group Inc. grew its holdings in shares of Byline Bancorp, Inc. (NYSE:BY) by 21.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,164 shares of the company’s stock after acquiring an additional 3,550 shares during the period. Principal Financial Group Inc.’s holdings in Byline Bancorp were worth $540,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Barclays PLC lifted its holdings in Byline Bancorp by 48.3% during the 3rd quarter. Barclays PLC now owns 58,874 shares of the company’s stock worth $1,577,000 after buying an additional 19,187 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Byline Bancorp by 49.0% during the third quarter. Public Employees Retirement System of Ohio now owns 12,770 shares of the company’s stock valued at $342,000 after purchasing an additional 4,200 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Byline Bancorp by 21.0% during the third quarter. Jane Street Group LLC now owns 36,209 shares of the company’s stock valued at $969,000 after purchasing an additional 6,294 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in shares of Byline Bancorp during the 3rd quarter worth approximately $1,338,000. 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 worth $10,985,000 after purchasing an additional 277,559 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on BY shares. Piper Sandler restated an “overweight” rating and set a $34.00 price objective on shares of Byline Bancorp in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods raised their price objective on shares of Byline Bancorp from $29.00 to $33.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

Byline Bancorp Stock Performance

Shares of NYSE BY opened at $28.47 on Monday. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of 10.35 and a beta of 1.15. The business has a 50 day simple moving average of $30.15 and a 200 day simple moving average of $27.52. Byline Bancorp, Inc. has a 52 week low of $19.70 and a 52 week high of $32.89.

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

Byline Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date was Tuesday, November 5th. Byline Bancorp’s dividend payout ratio is 13.09%.

Byline Bancorp 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.