Shutterstock (NYSE:SSTK) Stock Rating Lowered by Truist Financial

Truist Financial lowered shares of Shutterstock (NYSE:SSTK) from a buy rating to a hold rating in a research report report published on Tuesday, Marketbeat.com reports.

A number of other brokerages have also weighed in on SSTK. Needham & Company LLC decreased their price target on shares of Shutterstock from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, January 13th. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Finally, StockNews.com started coverage on shares of Shutterstock in a report on Wednesday, February 19th. They issued a “hold” rating on the stock. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Shutterstock presently has an average rating of “Hold” and an average target price of $50.33.

Shutterstock Stock Down 6.8 %

SSTK stock opened at $22.83 on Tuesday. The stock has a market capitalization of $795.70 million, a P/E ratio of 22.38 and a beta of 1.08. 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 has a one year low of $22.41 and a one year high of $54.40. The company has a 50 day moving average price of $29.82 and a two-hundred day moving average price of $31.84.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, February 25th. The business services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). The company had revenue of $250.30 million during the quarter, compared to analyst estimates of $254.16 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.72 EPS. As a group, sell-side analysts expect that Shutterstock will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, March 6th will be issued a dividend of $0.33 per share. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, March 6th. This represents a $1.32 annualized dividend and a dividend yield of 5.78%. Shutterstock’s payout ratio is presently 129.41%.

Hedge Funds Weigh In On Shutterstock

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Covestor Ltd lifted its holdings in shares of Shutterstock by 9.5% during the 3rd quarter. Covestor Ltd now owns 4,577 shares of the business services provider’s stock valued at $162,000 after acquiring an additional 397 shares in the last quarter. Amundi lifted its holdings in shares of Shutterstock by 26.2% during the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after acquiring an additional 488 shares in the last quarter. Palouse Capital Management Inc. lifted its holdings in shares of Shutterstock by 13.7% during the 4th quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after acquiring an additional 525 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Shutterstock by 1.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider’s stock valued at $1,066,000 after acquiring an additional 532 shares in the last quarter. Finally, Snowden Capital Advisors LLC lifted its holdings in shares of Shutterstock by 5.4% during the 4th quarter. Snowden Capital Advisors LLC now owns 10,701 shares of the business services provider’s stock valued at $325,000 after acquiring an additional 548 shares in the last quarter. Institutional investors and hedge funds own 82.79% of the company’s stock.

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.