Bullish indicating open at $55-$60, IPO prices at $37
CHICAGO - Byline Bancorp, Inc. (NYSE: BY), currently trading at $26.72 with a market capitalization of $1.23 billion, announced that the Estate of Daniel L. Goodwin and Equity Shares Investors, LLC are offering 4,282,210 shares of the company’s common stock in a secondary offering. According to InvestingPro data, the company maintains a GOOD financial health score, suggesting strong operational stability.
The company will not receive any proceeds from the sale as it is not offering or selling any shares in the transaction. However, Byline intends to purchase between $5 million and $10 million of the shares from the underwriter as part of its existing share repurchase program authorized on January 1, 2025.
The share repurchase is contingent upon completion of the secondary offering and satisfaction of customary closing conditions. The company noted that certain directors have expressed interest in purchasing up to $3.1 million in shares at the public offering price.
J.P. Morgan is serving as the sole underwriter for the offering, which will be made through a prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission.
Byline Bancorp operates as the parent company of Byline Bank, a commercial bank with approximately $9.6 billion in assets and 46 branch locations throughout the Chicago and Milwaukee metropolitan areas. The bank has demonstrated strong performance with a 20.18% return over the past year, and InvestingPro data shows impressive five-year returns, making it one of 1,400+ US stocks covered in comprehensive Pro Research Reports.
The information in this article is based on a press release statement from the company.
In other recent news, Byline Bancorp reported its first-quarter 2025 earnings, exceeding analyst expectations with an earnings per share (EPS) of $0.64, slightly above the forecast of $0.63. The company’s revenue reached $103.08 million, surpassing the projected $100.82 million. Byline Bancorp also completed the acquisition of First Security, expanding its market presence. Additionally, the company extended its revolving credit facility with CIBC Bank USA through May 2026, maintaining the credit line at $15 million as part of its financial strategy. Byline Bancorp’s board of directors was elected during its annual stockholders’ meeting, with all ten nominees successfully appointed. The company also ratified Moss Adams LLP as its independent registered public accounting firm for the fiscal year ending December 2025. In analyst updates, Kroll Bond Rating Agency upgraded Byline Bancorp’s credit ratings, highlighting its financial strength. These developments reflect Byline Bancorp’s ongoing efforts to maintain liquidity and financial flexibility.
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