JPMorgan Chase & Co. Increases Position in Byline Bancorp, Inc. (NYSE:BY)

JPMorgan Chase & Co. increased its stake in shares of Byline Bancorp, Inc. (NYSE:BY) by 71.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 557,242 shares of the company’s stock after buying an additional 232,530 shares during the period. JPMorgan Chase & Co.’s holdings in Byline Bancorp were worth $14,917,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake 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 worth $44,049,000 after buying an additional 106,940 shares during the last quarter. FMR LLC raised its position in Byline Bancorp by 7.3% during the third 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 during the last quarter. State Street Corp lifted its holdings in shares of Byline Bancorp by 6.5% in the third quarter. State Street Corp now owns 845,405 shares of the company’s stock valued at $22,631,000 after purchasing an additional 51,603 shares in the last quarter. American Century Companies Inc. grew its position in shares of Byline Bancorp by 20.4% in the second quarter. American Century Companies Inc. now owns 518,727 shares of the company’s stock valued at $12,315,000 after purchasing an additional 87,796 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Byline Bancorp by 209.0% in the third quarter. Wellington Management Group LLP now owns 410,359 shares of the company’s stock valued at $10,985,000 after purchasing an additional 277,559 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Byline Bancorp Stock Performance

BY stock opened at $26.96 on Friday. The company has a 50 day moving average price of $30.19 and a two-hundred day moving average price of $27.59. The stock has a market capitalization of $1.20 billion, a P/E ratio of 9.80 and a beta of 1.15. Byline Bancorp, Inc. has a one year low of $19.70 and a one year high of $32.89.

Byline Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were issued a $0.09 dividend. 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 1.34%. Byline Bancorp’s dividend payout ratio (DPR) is presently 13.09%.

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

Analyst Upgrades and Downgrades

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

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.