JPMorgan Chase & Co. Raises Holdings in Byline Bancorp, Inc. (NYSE:BY)

JPMorgan Chase & Co. increased its position in Byline Bancorp, Inc. (NYSE:BY) by 71.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 557,242 shares of the company’s stock after purchasing an additional 232,530 shares during the period. JPMorgan Chase & Co. owned 1.26% of Byline Bancorp worth $14,917,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in Byline Bancorp by 21.4% in the third quarter. Principal Financial Group Inc. now owns 20,164 shares of the company’s stock valued at $540,000 after buying an additional 3,550 shares during the last quarter. Barclays PLC raised its position in Byline Bancorp by 48.3% in the 3rd quarter. Barclays PLC now owns 58,874 shares of the company’s stock valued at $1,577,000 after purchasing an additional 19,187 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in Byline Bancorp by 49.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 12,770 shares of the company’s stock worth $342,000 after purchasing an additional 4,200 shares during the period. Jane Street Group LLC grew its position in Byline Bancorp by 21.0% during the 3rd quarter. Jane Street Group LLC now owns 36,209 shares of the company’s stock worth $969,000 after purchasing an additional 6,294 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new position in Byline Bancorp in the third quarter valued at $1,338,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Byline Bancorp Stock Performance

BY stock opened at $26.96 on Friday. The stock has a market capitalization of $1.20 billion, a PE ratio of 9.80 and a beta of 1.15. The company has a fifty day moving average of $30.19 and a 200-day moving average of $27.59. Byline Bancorp, Inc. has a one year low of $19.70 and a one year high of $32.89.

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 $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 yield of 1.34%. Byline Bancorp’s payout ratio is currently 13.09%.

Byline Bancorp declared that its Board of Directors has initiated a share repurchase program on Thursday, December 5th that allows the company to buyback 1,250,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

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

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.