Shutterstock, Inc. (NYSE:SSTK) Increases Dividend to $0.21 Per Share

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Shutterstock, Inc. (NYSE:SSTK) announced a quarterly dividend on Tuesday, January 12th, Zacks reports. Shareholders of record on Thursday, March 4th will be given a dividend of 0.21 per share by the business services provider on Thursday, March 18th. This represents a $0.84 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Wednesday, March 3rd. This is an increase from Shutterstock’s previous quarterly dividend of $0.17.

Shutterstock stock opened at $73.65 on Thursday. The firm has a fifty day moving average of $70.12 and a 200-day moving average of $57.16. Shutterstock has a 52-week low of $28.76 and a 52-week high of $77.07. The firm has a market capitalization of $2.67 billion, a P/E ratio of 80.93, a PEG ratio of 1.98 and a beta of 1.12.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, October 27th. The business services provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.51. Shutterstock had a return on equity of 10.85% and a net margin of 5.05%. The firm had revenue of $165.70 million during the quarter, compared to the consensus estimate of $160.82 million. During the same period in the prior year, the firm earned $0.29 EPS. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. Sell-side analysts forecast that Shutterstock will post 1.22 earnings per share for the current fiscal year.

A number of equities research analysts have recently issued reports on SSTK shares. Needham & Company LLC reiterated a “buy” rating and issued a $65.00 target price on shares of Shutterstock in a research note on Friday, October 9th. Bank of America initiated coverage on shares of Shutterstock in a research note on Tuesday, September 29th. They set a “buy” rating and a $63.00 price objective on the stock. BidaskClub cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Monday, December 28th. JMP Securities lifted their price target on shares of Shutterstock from $72.00 to $85.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 28th. Finally, Truist boosted their price objective on shares of Shutterstock from $60.00 to $75.00 in a report on Wednesday, October 28th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $67.71.

In other news, Director Jonathan Oringer sold 85,000 shares of Shutterstock stock in a transaction that occurred on Tuesday, December 1st. The stock was sold at an average price of $70.78, for a total value of $6,016,300.00. Following the completion of the transaction, the director now owns 13,676,923 shares in the company, valued at approximately $968,052,609.94. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 46.80% of the stock is currently owned by company insiders.

About Shutterstock

Shutterstock, Inc, a technology company, provides content, and tools and services in North America, Europe, and internationally. It 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, and 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 digital imagery.

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Dividend History for Shutterstock (NYSE:SSTK)

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