Shutterstock, Inc. (NYSE:SSTK) Shares Sold by Vestcor Inc

Vestcor Inc trimmed its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 82.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,717 shares of the business services provider’s stock after selling 13,115 shares during the period. Vestcor Inc’s holdings in Shutterstock were worth $82,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in SSTK. Truvestments Capital LLC acquired a new stake in shares of Shutterstock during the 3rd quarter worth $31,000. Amundi increased its holdings in Shutterstock by 26.2% in the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after purchasing an additional 488 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Shutterstock by 167.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock valued at $76,000 after purchasing an additional 1,565 shares in the last quarter. R Squared Ltd acquired a new stake in Shutterstock in the 4th quarter valued at $108,000. Finally, Palouse Capital Management Inc. increased its holdings in Shutterstock by 13.7% in the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after purchasing an additional 525 shares in the last quarter. 82.79% of the stock is currently owned by institutional investors and hedge funds.

Shutterstock Stock Performance

NYSE:SSTK opened at $19.33 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The firm has a 50-day moving average of $26.62 and a two-hundred day moving average of $30.20. The stock has a market cap of $674.57 million, a P/E ratio of 18.95 and a beta of 1.12. Shutterstock, Inc. has a 1-year low of $18.63 and a 1-year high of $48.42.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Tuesday, February 25th. The business services provider reported $0.67 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.25). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. During the same period in the previous year, the business posted $0.72 EPS. The business’s revenue for the quarter was up 15.2% on a year-over-year basis. On average, research analysts expect that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.33 per share. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.32 annualized dividend and a dividend yield of 6.83%. Shutterstock’s dividend payout ratio (DPR) is presently 130.69%.

Wall Street Analysts Forecast Growth

SSTK has been the subject of several recent research reports. StockNews.com initiated coverage on Shutterstock in a report on Saturday. They issued a “hold” rating for the company. Needham & Company LLC lowered their price target on Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a report on Friday, March 7th. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Finally, Truist Financial cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $45.33.

Shutterstock Profile

Shutterstock, Inc provides platform to connect brands and businesses to high quality content in North America, Europe, and internationally. The company offers image services consisting of photographs, vectors, and illustrations, which is used in visual communications, such as websites, digital and print marketing materials, corporate communications, books, publications, and others; footage services, including video clips, filmed by industry experts and cinema grade video effects in HD and 4K formats that are integrated into websites, social media, marketing campaigns, and cinematic productions; and music services comprising music tracks and sound effects, which are used to complement images and footage.