Byline Bancorp, Inc. (NYSE:BY) Plans Dividend Increase – $0.10 Per Share

Byline Bancorp, Inc. (NYSE:BY) announced a quarterly dividend on Friday, January 24th,Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date is Tuesday, February 4th. This is an increase 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. 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

NYSE:BY traded up $0.85 during mid-day trading on Friday, hitting $29.19. The company’s stock had a trading volume of 283,878 shares, compared to its average volume of 138,078. The business’s fifty day moving average is $29.79 and its two-hundred day moving average is $27.92. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 10.61 and a beta of 1.15. Byline Bancorp has a 1 year low of $19.70 and a 1 year high of $32.89.

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

Byline Bancorp declared that its Board of Directors has approved a share repurchase program on Thursday, December 5th that permits the company to buyback 1,250,000 outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have weighed in on BY. Keefe, Bruyette & Woods upped their price target on Byline Bancorp from $29.00 to $33.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $34.00 target price on shares of Byline Bancorp in a report 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.