Principal Financial Group Inc. Boosts Stock Position in Byline Bancorp, Inc. (NYSE:BY)

Principal Financial Group Inc. increased its position in shares of Byline Bancorp, Inc. (NYSE:BY) by 21.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. New York State Teachers Retirement System raised its position 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 in the last quarter. Chicago Partners Investment Group LLC increased its holdings in shares of Byline Bancorp by 8.5% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 7,934 shares of the company’s stock valued at $212,000 after acquiring an additional 619 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Byline Bancorp in the 2nd quarter valued at $26,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Byline Bancorp by 10.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,070 shares of the company’s stock valued at $310,000 after buying an additional 1,277 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Byline Bancorp by 19.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,403 shares of the company’s stock valued at $294,000 after purchasing an additional 2,023 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on BY. Keefe, Bruyette & Woods upped their price target on shares of Byline Bancorp from $29.00 to $33.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and issued a $34.00 price objective on shares of Byline Bancorp in a research note on Tuesday, October 29th.

Byline Bancorp Stock Performance

BY stock opened at $28.47 on Monday. The company has a 50 day moving average price of $30.15 and a two-hundred day moving average price of $27.52. Byline Bancorp, Inc. has a one year low of $19.70 and a one year high of $32.89. The stock has a market capitalization of $1.26 billion, a P/E ratio of 10.35 and a beta of 1.15.

Byline Bancorp Dividend Announcement

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

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

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.