Principal Financial Group Inc. Purchases 80,217 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Principal Financial Group Inc. boosted its position in Teekay Tankers Ltd. (NYSE:TNK) by 9.7% during the third quarter, HoldingsChannel reports. The fund owned 906,700 shares of the shipping company’s stock after buying an additional 80,217 shares during the quarter. Principal Financial Group Inc.’s holdings in Teekay Tankers were worth $52,815,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. Custom Index Systems LLC lifted its stake in shares of Teekay Tankers by 4.0% during the 3rd quarter. Custom Index Systems LLC now owns 5,646 shares of the shipping company’s stock valued at $329,000 after buying an additional 216 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of Teekay Tankers by 5.3% in the third quarter. Sequoia Financial Advisors LLC now owns 5,529 shares of the shipping company’s stock worth $322,000 after acquiring an additional 277 shares during the period. Commonwealth Equity Services LLC grew its position in shares of Teekay Tankers by 8.8% in the second quarter. Commonwealth Equity Services LLC now owns 4,013 shares of the shipping company’s stock valued at $276,000 after purchasing an additional 323 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Teekay Tankers by 266.7% in the second quarter. Fifth Third Bancorp now owns 627 shares of the shipping company’s stock valued at $43,000 after purchasing an additional 456 shares in the last quarter. Finally, CWM LLC raised its stake in shares of Teekay Tankers by 96.8% during the 3rd quarter. CWM LLC now owns 980 shares of the shipping company’s stock valued at $57,000 after purchasing an additional 482 shares during the period. 52.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on TNK shares. Bank of America reaffirmed an “underperform” rating and set a $46.00 target price (down previously from $51.00) on shares of Teekay Tankers in a report on Wednesday, November 13th. Jefferies Financial Group decreased their target price on shares of Teekay Tankers from $72.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, November 14th. Fearnley Fonds raised shares of Teekay Tankers to a “strong-buy” rating in a report on Friday, September 27th. Finally, StockNews.com began coverage on Teekay Tankers in a research report on Thursday, October 10th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $63.67.

Teekay Tankers Price Performance

TNK stock opened at $37.51 on Monday. The firm has a 50 day simple moving average of $44.55 and a two-hundred day simple moving average of $55.31. The stock has a market cap of $1.29 billion, a PE ratio of 3.08, a P/E/G ratio of 1.13 and a beta of -0.39. Teekay Tankers Ltd. has a one year low of $36.04 and a one year high of $74.20.

Teekay Tankers Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.00 dividend on an annualized basis and a yield of 2.67%. Teekay Tankers’s payout ratio is 8.21%.

About Teekay Tankers

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.