Raymond James on Friday initiated coverage of Chicago-based community lender Byline Bancorp BY, -1.58% with a market perform rating. Analyst David Long cited the bank’s “attractive” deposit base, “impressive” loan growth prospects, experienced management team and opportunity to complement organic growth with mergers and acquisitions. At the moment, however, the stock’s premium to its peer group limits its upside, he said. “There are many Chicago-based banks with assets between $500 million and $4 billion that Byline could consider partnering with to drive operating efficiencies and market share gains,” Long said. Shares of Byline Bank are down 16.7% in 2022 compared to a loss of 15.8% by the KBW Bank Index BKX, -1.56% and a loss of 19.2% by the Nasdaq COMP, -1.93%.
