Byline Bancorp (BY) PT Raised to $34 at Piper Sandler

Piper Sandler analyst Nathan Race raised the price target on Byline Bancorp (NYSE: BY) to $34.00 (from $27.00) while maintaining a Overweight rating.

The analyst commented, "Results in 2Q remained strong with 3% PPNR upside via higher NII aided by solid loan growth and greater NIM resiliency. We reiterate our OW-rating with BY well-positioned for multiple expansion above peers with likely at least stable future credit metrics and its more defensible, above average profitability profile. BY continues to possess high-quality organic B/S growth prospects largely via additional share gains following several production-related hires over the past several years. We also favor BY's building excess capital flexibility for potentially greater returns to shareholders and/or well-received M&A. Our 2024E operating EPS moves to $2.70 (+2%) largely given 2Q upside, and we maintain our 2025E at $2.55. We raise our PT to $34 (+$7) based on 13.5x our 2025E EPS (+3.0x with higher peer multiples) and a premium to peers (11.7x) given BY's superior profitability outlook (PSCe = 1.2% ROA in 2H24/2025) and scarcity value in Chicago."

You May Also Be Interested In

• Investec Double Upgrades Alkem Laboratories Ltd (ALKEM:IN) to Buy
• JPMorgan Upgrades Resona Holdings, Inc (8308:JP) (RSNHF) to Overweight
• Citi Starts Luxshare Precision (2475:HK) at Buy