Principal Financial Group Inc. Has $52.82 Million Stake in Teekay Tankers Ltd. (NYSE:TNK)

Principal Financial Group Inc. increased its stake in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 9.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 906,700 shares of the shipping company's stock after buying an additional 80,217 shares during the quarter. Principal Financial Group Inc. owned about 2.64% of Teekay Tankers worth $52,815,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in shares of Teekay Tankers in the 2nd quarter valued at approximately $1,775,000. Foundry Partners LLC increased its stake in Teekay Tankers by 89.3% in the third quarter. Foundry Partners LLC now owns 105,690 shares of the shipping company's stock valued at $6,156,000 after acquiring an additional 49,853 shares during the last quarter. Shariaportfolio Inc. bought a new stake in Teekay Tankers during the third quarter worth $3,498,000. Bank of New York Mellon Corp lifted its stake in Teekay Tankers by 16.4% during the second quarter. Bank of New York Mellon Corp now owns 81,856 shares of the shipping company's stock worth $5,633,000 after purchasing an additional 11,535 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Teekay Tankers by 261.7% in the 3rd quarter. Victory Capital Management Inc. now owns 45,585 shares of the shipping company's stock valued at $2,655,000 after purchasing an additional 32,983 shares in the last quarter. Institutional investors and hedge funds own 52.67% of the company's stock.

Analyst Ratings Changes

TNK has been the topic of several research analyst reports. Jefferies Financial Group reduced their price objective on Teekay Tankers from $72.00 to $60.00 and set a "buy" rating on the stock in a research note on Thursday, November 14th. Fearnley Fonds upgraded shares of Teekay Tankers to a "strong-buy" rating in a research note on Friday, September 27th. Bank of America reaffirmed an "underperform" rating and set a $46.00 price target (down from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. Finally, StockNews.com started coverage on shares of Teekay Tankers in a research note on Thursday, October 10th. They issued a "hold" rating for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $63.67.

Teekay Tankers Price Performance

NYSE TNK traded up $1.58 during trading hours on Monday, reaching $39.09. The company's stock had a trading volume of 320,992 shares, compared to its average volume of 359,303. The firm has a fifty day simple moving average of $44.55 and a 200-day simple moving average of $55.19. Teekay Tankers Ltd. has a 52 week low of $36.04 and a 52 week high of $74.20. The stock has a market cap of $1.34 billion, a P/E ratio of 3.21, a P/E/G ratio of 1.13 and a beta of -0.39.

Teekay Tankers Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were issued a $0.25 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a yield of 2.56%. Teekay Tankers's payout ratio is 8.21%.

Teekay Tankers Profile

Teekay Tankers Ltd. provides crude oil and other marine transportation services to oil industries in Bermuda and internationally. The company offers voyage and time charter services; offshore ship-to-ship transfer services of commodities primarily crude oil and refined oil products; and tanker commercial and technical management services.