Bank of America Corp DE Lowers Holdings in Teekay Tankers Ltd. (NYSE:TNK)

Bank of America Corp DE reduced its stake in Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 47.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,537 shares of the shipping company's stock after selling 117,371 shares during the quarter. Bank of America Corp DE owned about 0.37% of Teekay Tankers worth $5,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. American Century Companies Inc. raised its stake in Teekay Tankers by 7.8% in the fourth quarter. American Century Companies Inc. now owns 914,657 shares of the shipping company's stock valued at $36,394,000 after purchasing an additional 66,332 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Teekay Tankers by 1.8% during the fourth quarter. Renaissance Technologies LLC now owns 602,412 shares of the shipping company's stock worth $23,970,000 after acquiring an additional 10,900 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Teekay Tankers by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 320,965 shares of the shipping company's stock worth $12,771,000 after acquiring an additional 2,978 shares in the last quarter. Northern Trust Corp raised its stake in shares of Teekay Tankers by 1.5% during the fourth quarter. Northern Trust Corp now owns 247,898 shares of the shipping company's stock worth $9,864,000 after acquiring an additional 3,776 shares in the last quarter. Finally, Royce & Associates LP purchased a new position in shares of Teekay Tankers during the fourth quarter worth approximately $8,980,000. 52.67% of the stock is owned by hedge funds and other institutional investors.

Teekay Tankers Stock Up 1.1%

Shares of Teekay Tankers stock traded up $0.46 on Friday, hitting $44.21. The stock had a trading volume of 620,804 shares, compared to its average volume of 399,284. Teekay Tankers Ltd. has a one year low of $33.35 and a one year high of $74.00. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 3.91 and a beta of -0.10. The stock's 50-day simple moving average is $41.32 and its two-hundred day simple moving average is $40.74.

Teekay Tankers (NYSE:TNK - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The shipping company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.32). The company had revenue of $115.64 million during the quarter, compared to the consensus estimate of $146.31 million. Teekay Tankers had a net margin of 34.55% and a return on equity of 20.67%. The business's revenue was down 37.1% on a year-over-year basis. During the same quarter last year, the firm earned $4.23 EPS. As a group, equities analysts predict that Teekay Tankers Ltd. will post 7.13 EPS for the current fiscal year.

Teekay Tankers Increases Dividend

The business also recently declared a -- dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were issued a $1.00 dividend. The ex-dividend date was Monday, May 19th. This represents a yield of 2.3%. This is a boost from Teekay Tankers's previous -- dividend of $0.25. Teekay Tankers's payout ratio is 10.72%.

Wall Street Analysts Forecast Growth

TNK has been the topic of several research reports. Evercore ISI decreased their price target on shares of Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Jefferies Financial Group reissued a "buy" rating and set a $55.00 price target on shares of Teekay Tankers in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $50.67.

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.