Shutterstock, Inc. (NYSE:SSTK) Announces Quarterly Dividend of $0.33

Shutterstock, Inc. (NYSE:SSTK) declared a quarterly dividend on Wednesday, January 29th,Wall Street Journal reports. Investors of record on Thursday, March 6th will be given a dividend of 0.33 per share by the business services provider on Thursday, March 20th. This represents a $1.32 annualized dividend and a yield of 4.58%. The ex-dividend date is Thursday, March 6th. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30.

Shutterstock has increased its dividend payment by an average of 12.6% per year over the last three years. Shutterstock has a payout ratio of 36.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Shutterstock to earn $3.46 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 34.7%.

Shutterstock Stock Performance

Shares of SSTK stock traded down $0.58 during mid-day trading on Wednesday, hitting $28.84. 286,078 shares of the stock were exchanged, compared to its average volume of 1,071,371. The stock’s fifty day simple moving average is $31.01 and its two-hundred day simple moving average is $33.44. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 28.28 and a beta of 1.08. Shutterstock has a 12-month low of $27.30 and a 12-month high of $54.40. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42.

Shutterstock (NYSE:SSTK) last announced its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.25. The business had revenue of $250.59 million during the quarter, compared to the consensus estimate of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.99 earnings per share. On average, analysts forecast that Shutterstock will post 3.12 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on SSTK. Truist Financial lowered their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Needham & Company LLC lowered their target price on shares of Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 13th. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. StockNews.com initiated coverage on shares of Shutterstock in a report on Sunday. They set a “hold” rating on the stock. Finally, Morgan Stanley cut their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a report on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $50.33.

About Shutterstock

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.