Byline Bancorp falls after $106 million secondary offering

Shares of regional lender Byline Bancorp BY.N fall 4.5% to $25.53

BY late Tuesday announced pricing of secondary offering of nearly 4.3 million shares

Selling shareholders, including the estate of Daniel Goodwin and Equity Shares Investors — an affiliate of the estate, raised $106 million in the offering

Offering priced at $24.75 apiece, a 7.4% discount to stock's last close

Goodwin was previously the chairman of Inland Bancorp, which was sold to Byline Bancorp in 2023

J.P.Morgan was the sole underwriter for the secondary offering

Concurrently, BY had said it would buy $10 million of the shares from the underwriter as part of the secondary offering

Three of 6 brokerages rate the stock "buy" or higher and 3 "hold"; median PT $32 - data compiled by LSEG

As of last close, BY shares down 7.9% YTD