Shutterstock, Inc. (NYSE:SSTK) to Issue $0.30 Quarterly Dividend

Shutterstock, Inc. (NYSE:SSTK) declared a quarterly dividend on Monday, October 21st,Zacks Dividends reports. Stockholders of record on Friday, November 29th will be given a dividend of 0.30 per share by the business services provider on Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Friday, November 29th.

Shutterstock has increased its dividend by an average of 16.7% annually over the last three years. Shutterstock has a dividend payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Shutterstock to earn $3.09 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 38.8%.

Shutterstock Price Performance

Shares of SSTK stock traded up $0.93 on Wednesday, reaching $32.32. The company had a trading volume of 26,993 shares, compared to its average volume of 507,393. The stock has a market capitalization of $1.13 billion, a PE ratio of 30.77 and a beta of 1.10. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. Shutterstock has a one year low of $28.85 and a one year high of $54.40. The business’s 50-day moving average is $32.11 and its 200 day moving average is $35.91.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. The business had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business earned $0.99 EPS. Equities research analysts forecast that Shutterstock will post 3.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Truist Financial dropped their price objective on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. StockNews.com lowered shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Needham & Company LLC restated a “buy” rating and set a $55.00 price target on shares of Shutterstock in a report on Tuesday, October 29th. Finally, Morgan Stanley lowered their price target on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st.

Shutterstock Company 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.