Alberto J. Paracchini, President of Byline Bancorp Inc . (NYSE:BY), recently sold 10,000 shares of the company's common stock. The shares were sold at an average price of $30.5057 each, resulting in a total transaction value of $305,057. Following this sale, Paracchini holds 167,991 shares directly. This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission.
In other recent news, Byline Bancorp reported steady Q3 2024 results and announced a merger with First Security Bancorp. The merger is expected to be completed in the first half of 2025, while Byline Bancorp anticipates crossing the $10 billion asset threshold by late 2025 or early 2026. The company's net income for the quarter was $30.3 million, or $0.69 per diluted share, with a slight increase to $30.7 million, or $0.70 per diluted share, when excluding transaction-related charges.
Net interest income rose to $87.5 million, with total deposits growing by 8.2% to $7.5 billion. However, non-interest expense is expected to increase due to digital banking investments. The company also anticipates mid-single-digit loan growth for 2025, with a potential decrease in net interest income for Q4.
Finally, Byline Bancorp maintains a strong capital position, with CET1 and total capital ratios at 11.35% and 14.4%, respectively. These are some of the recent developments that investors should take note of.
InvestingPro Insights
As Alberto J. Paracchini reduces his stake in Byline Bancorp Inc. (NYSE:BY), recent data from InvestingPro sheds light on the company's current financial standing and market performance.
Byline Bancorp has demonstrated strong market momentum, with InvestingPro data showing a remarkable 66.91% price total return over the past year. This performance is further underscored by significant short-term gains, including a 17.95% return in just the last week and a 23.97% return over the past month. These figures align with the InvestingPro Tip indicating a "Significant return over the last week" and "Strong return over the last month."
The company's valuation metrics present an interesting picture. With a P/E ratio of 11.54, Byline Bancorp appears to be trading at a relatively modest multiple compared to its earnings. However, an InvestingPro Tip cautions that the company is "Trading at a high P/E ratio relative to near-term earnings growth," suggesting investors should carefully consider the growth prospects in relation to the current stock price.
Financially, Byline Bancorp reported revenue of $373.63 million in the last twelve months as of Q3 2024, with a healthy operating income margin of 45.66%. This solid financial performance is reflected in the InvestingPro Tip noting that the company has been "Profitable over the last twelve months."
For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips on Byline Bancorp, providing a deeper understanding of the company's financial health and market position.
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