Charles Schwab Investment Management Inc. Has $6.55 Million Position in Byline Bancorp, Inc. (NYSE:BY)

Charles Schwab Investment Management Inc. reduced its holdings in shares of Byline Bancorp, Inc. (NYSE:BY) by 14.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 244,836 shares of the company’s stock after selling 40,411 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Byline Bancorp were worth $6,554,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Comerica Bank raised its position in shares of Byline Bancorp by 17,066.0% in the first quarter. Comerica Bank now owns 8,583 shares of the company’s stock valued at $186,000 after purchasing an additional 8,533 shares during the period. CWM LLC grew its stake in shares of Byline Bancorp by 104.5% during the second quarter. CWM LLC now owns 1,323 shares of the company’s stock valued at $31,000 after buying an additional 676 shares during the last quarter. Bank of New York Mellon Corp grew its position in Byline Bancorp by 16.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 191,122 shares of the company’s stock worth $4,537,000 after acquiring an additional 26,539 shares during the last quarter. Bailard Inc. lifted its position in Byline Bancorp by 72.3% in the second quarter. Bailard Inc. now owns 19,300 shares of the company’s stock valued at $458,000 after purchasing an additional 8,100 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Byline Bancorp by 10.8% during 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 period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Byline Bancorp Stock Up 1.7 %

BY stock opened at $31.76 on Thursday. Byline Bancorp, Inc. has a twelve month low of $19.70 and a twelve month high of $32.89. The firm has a market cap of $1.41 billion, a PE ratio of 11.55 and a beta of 1.15. The business has a 50 day moving average of $28.99 and a 200 day moving average of $26.68.

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

Byline Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 5th were paid a dividend of $0.09 per share. 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 1.13%. Byline Bancorp’s dividend payout ratio is presently 13.09%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BY shares. Keefe, Bruyette & Woods upped their price objective on shares of 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 reissued an “overweight” rating and set a $34.00 price objective on shares of Byline Bancorp in a research report 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.