Byline Bancorp, Inc. (NYSE:BY) Increases Dividend to $0.10 Per Share

Byline Bancorp, Inc. (NYSE:BY) announced a quarterly dividend on Thursday, January 23rd,Wall Street Journal reports. Shareholders of record on Tuesday, February 4th will be given a dividend of 0.10 per share on Tuesday, February 18th. This represents a $0.40 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Tuesday, February 4th. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.09.

Byline Bancorp has increased its dividend by an average of 6.3% annually over the last three years. Byline Bancorp has a dividend payout ratio of 13.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Byline Bancorp to earn $2.52 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 14.3%.

Byline Bancorp Price Performance

Shares of NYSE:BY traded up $0.85 during mid-day trading on Friday, reaching $29.19. 283,879 shares of the company traded hands, compared to its average volume of 138,079. The company’s 50 day moving average price is $29.79 and its 200-day moving average price is $27.92. The firm has a market cap of $1.30 billion, a PE ratio of 10.61 and a beta of 1.15. Byline Bancorp has a 52 week low of $19.70 and a 52 week high of $32.89.

Byline Bancorp (NYSE:BY) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Byline Bancorp had a net margin of 19.39% and a return on equity of 11.90%. On average, research analysts predict that Byline Bancorp will post 2.68 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on BY. Piper Sandler restated an “overweight” rating and issued a $34.00 price objective on shares of Byline Bancorp in a research report on Tuesday, October 29th. Keefe, Bruyette & Woods lifted their target price 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.

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.