Byline Bancorp, Inc. (NYSE:BY) Sees Large Decrease in Short Interest

Byline Bancorp, Inc. (NYSE:BY) was the recipient of a large drop in short interest in 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. Based on an average daily trading volume, of 153,800 shares, the days-to-cover ratio is presently 3.2 days. Approximately 1.9% of the shares of the stock are sold short.

Institutional Trading of Byline Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in BY. Point72 Asset Management L.P. purchased a new stake in Byline Bancorp in the 2nd quarter valued at about $26,000. CWM LLC raised its stake in shares of Byline Bancorp by 104.5% in the 2nd quarter. CWM LLC now owns 1,323 shares of the company’s stock valued at $31,000 after acquiring an additional 676 shares during the period. Innealta Capital LLC acquired a new position in shares of Byline Bancorp in the 2nd quarter worth approximately $48,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Byline Bancorp during the 2nd quarter worth approximately $61,000. Finally, New York State Teachers Retirement System increased its holdings in Byline Bancorp by 25.3% in the 3rd quarter. New York State Teachers Retirement System now owns 2,842 shares of the company’s stock valued at $76,000 after purchasing an additional 574 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Byline Bancorp Stock Down 1.6 %

Shares of BY traded down $0.49 during midday trading on Tuesday, reaching $30.75. The company had a trading volume of 133,479 shares, compared to its average volume of 136,458. Byline Bancorp has a 1-year low of $19.70 and a 1-year high of $32.89. The firm has a 50 day simple moving average of $29.34 and a 200-day simple moving average of $26.88. The stock has a market cap of $1.36 billion, a PE ratio of 11.36 and a beta of 1.15.

Byline Bancorp Dividend Announcement

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

Byline Bancorp announced that its board has authorized a stock repurchase plan on Thursday, December 5th that permits the company to repurchase 1,250,000 shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

BY has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price objective on Byline Bancorp from $29.00 to $33.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and set a $34.00 price objective on shares of Byline Bancorp in a research note on Tuesday, October 29th.

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.