Benzinga | Feb 5, 2021 10:15AM EST

Ex-Dividend Date Insight: Byline Bancorp

On January 28, 2021, Byline Bancorp (NYSE:BY) declared a dividend payable on February 23, 2021 to its shareholders. Byline Bancorp also announced that shareholders on the company's books on or before February 9, 2021 are entitled to the dividend. The stock will then go ex-dividend 1 business day(s) before the record date. The ex-dividend date for Byline Bancorp will be on February 8, 2021. The company's current dividend payout is at $0.06. That equates to a dividend yield of 1.63% at current price levels.

Understanding Ex-Dividend Dates'

Ex-dividend dates signal when company shares cease to trade with their current dividend payouts. There is a small intermission period before companies announce new dividends. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Typically, companies will announce and implement new dividend yields on a quarterly basis.

Byline Bancorp's Dividend History

Over the past year, Byline Bancorp has seen its dividend payouts and yields climb upward overall. Last year (March 23, 2020), the company's payout sat at $0.03, which has since increased by $0.03. Byline Bancorp's dividend yield last year was 1.05%, which has since grown by 0.58%.

Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.

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