Zacks Investment Research Upgrades Byline Bancorp (BY) to “Buy”

Byline Bancorp (NYSE:BY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $21.00 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 7.42% from the stock’s previous close.

According to Zacks, “Byline Bancorp, Inc. operates as a bank holding company serving small- and medium-sized businesses, financial sponsors and consumers. The Company offers saving accounts, credit cards, loans, mortgages, lending, equipment leasing, cash management and online banking services. Byline Bancorp, Inc. is headquartered in Chicago, Illinois. “

Other research analysts have also recently issued research reports about the stock. ValuEngine raised shares of Byline Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, November 1st. TheStreet cut shares of Byline Bancorp from a “c-” rating to a “d+” rating in a report on Monday, December 24th. Finally, Bank of America cut shares of Byline Bancorp from a “buy” rating to a “neutral” rating and set a $20.00 target price for the company. in a report on Thursday, January 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. Byline Bancorp has an average rating of “Hold” and a consensus price target of $21.33.

BY stock opened at $19.55 on Tuesday. The stock has a market capitalization of $701.55 million, a PE ratio of 16.58, a P/E/G ratio of 1.16 and a beta of 1.03. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.94 and a quick ratio of 0.93. Byline Bancorp has a 12 month low of $15.39 and a 12 month high of $24.80.

Byline Bancorp (NYSE:BY) last posted its earnings results on Thursday, January 24th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.08. The firm had revenue of $67.83 million during the quarter, compared to analysts’ expectations of $63.58 million. Byline Bancorp had a net margin of 15.93% and a return on equity of 8.72%. As a group, analysts anticipate that Byline Bancorp will post 1.61 EPS for the current year.

In other news, Director Roberto R. Herencia acquired 9,040 shares of the stock in a transaction dated Tuesday, December 11th. The stock was bought at an average price of $19.29 per share, with a total value of $174,381.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Donald J. Meyer sold 4,100 shares of the company’s stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $21.50, for a total value of $88,150.00. The disclosure for this sale can be found here. Insiders bought 10,195 shares of company stock valued at $195,870 in the last ninety days. 45.13% of the stock is currently owned by insiders.

A number of large investors have recently added to or reduced their stakes in BY. Bank of New York Mellon Corp increased its position in Byline Bancorp by 20.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 57,150 shares of the company’s stock valued at $1,277,000 after purchasing an additional 9,679 shares during the period. BlackRock Inc. lifted its holdings in shares of Byline Bancorp by 10.4% in the 2nd quarter. BlackRock Inc. now owns 827,148 shares of the company’s stock worth $18,480,000 after purchasing an additional 78,100 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Byline Bancorp by 5.0% in the 2nd quarter. Bank of America Corp DE now owns 72,360 shares of the company’s stock worth $1,617,000 after purchasing an additional 3,414 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Byline Bancorp by 20.7% in the 2nd quarter. Northern Trust Corp now owns 179,869 shares of the company’s stock worth $4,019,000 after purchasing an additional 30,807 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Byline Bancorp by 10,325.9% in the 3rd quarter. Bank of Montreal Can now owns 12,094 shares of the company’s stock worth $275,000 after purchasing an additional 11,978 shares in the last quarter. 34.84% of the stock is owned by institutional investors and hedge funds.

Byline Bancorp Company Profile

Byline Bancorp, Inc operates as the bank holding company for Byline Bank that provides a range of banking products and services to small and medium sized businesses, commercial real estate and financial sponsors, and consumers in the United States. It offers non-interest bearing accounts, money market demand accounts, savings accounts, interest bearing checking accounts, and time deposits, as well as certificates of deposit.

Further Reading: Investing in Growth Stocks

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