Regional banking company Byline Bancorp (NYSE:BY) will be announcing earnings results this Thursday after market close. Here’s what you need to know.
Byline Bancorp beat analysts’ revenue expectations by 2.4% last quarter, reporting revenues of $103.1 million, up 2% year on year. It was a strong quarter for the company, with a solid beat of analysts’ net interest income estimates and a narrow beat of analysts’ tangible book value per share estimates.
Is Byline Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Byline Bancorp’s revenue to grow 7.6% year on year to $106.9 million, slowing from the 9.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.67 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Byline Bancorp has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 2% on average.
Looking at Byline Bancorp’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. City Holding delivered year-on-year revenue growth of 6.3%, beating analysts’ expectations by 3%, and Texas Capital Bank reported revenues up 15.2%, topping estimates by 2.7%. Texas Capital Bank traded up 4.8% following the results.
Read our full analysis of City Holding’s results here and Texas Capital Bank’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.2% on average over the last month. Byline Bancorp is up 9.4% during the same time and is heading into earnings with an average analyst price target of $32 (compared to the current share price of $27.91).
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