Principal Financial Group Inc. Sells 37,416 Shares of Teekay Tankers Ltd. (NYSE:TNK)

Principal Financial Group Inc. cut its stake in shares of Teekay Tankers Ltd. (NYSE:TNK - Free Report) by 4.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 797,768 shares of the shipping company's stock after selling 37,416 shares during the quarter. Principal Financial Group Inc. owned approximately 2.33% of Teekay Tankers worth $30,531,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Kendall Capital Management boosted its stake in Teekay Tankers by 7.9% in the 1st quarter. Kendall Capital Management now owns 19,390 shares of the shipping company's stock worth $742,000 after purchasing an additional 1,425 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Teekay Tankers by 0.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 38,123 shares of the shipping company's stock worth $1,459,000 after purchasing an additional 285 shares during the period. Highland Capital Management LLC bought a new position in Teekay Tankers in the 1st quarter worth approximately $286,000. Blue Trust Inc. boosted its stake in Teekay Tankers by 49.3% in the 1st quarter. Blue Trust Inc. now owns 1,720 shares of the shipping company's stock worth $66,000 after purchasing an additional 568 shares during the period. Finally, Ritholtz Wealth Management bought a new position in Teekay Tankers in the 1st quarter worth approximately $202,000. 52.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Evercore ISI decreased their price objective on Teekay Tankers from $53.00 to $51.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Jefferies Financial Group reaffirmed a "buy" rating and set a $55.00 price objective on shares of Teekay Tankers in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $50.67.

Teekay Tankers Stock Performance

NYSE:TNK opened at $44.97 on Tuesday. The stock's fifty day moving average is $44.71 and its 200 day moving average is $41.57. Teekay Tankers Ltd. has a fifty-two week low of $33.35 and a fifty-two week high of $66.33. The firm has a market capitalization of $1.54 billion, a PE ratio of 4.82 and a beta of -0.04.

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). Teekay Tankers had a net margin of 31.45% and a return on equity of 15.05%. The company had revenue of $115.64 million for the quarter, compared to analysts' expectations of $146.31 million. During the same quarter in the previous year, the company posted $4.23 EPS. The business's quarterly revenue was down 37.1% on a year-over-year basis. Equities analysts forecast that Teekay Tankers Ltd. will post 7.13 EPS for the current 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 dividend of $1.00 per share. This represents a yield of 2.3%. The ex-dividend date of this dividend was Monday, May 19th. This is a positive change from Teekay Tankers's previous -- dividend of $0.25. Teekay Tankers's dividend payout ratio is presently 10.72%.

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.

Want to see what other hedge funds are holding TNK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teekay Tankers Ltd. (NYSE:TNK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.