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

Shutterstock, Inc. (NYSE:SSTK) declared a quarterly dividend on Monday, October 21st,Zacks Dividends reports. Investors of record on Friday, November 29th will be paid 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 yield of 3.71%. The ex-dividend date is Friday, November 29th.

Shutterstock has raised its dividend payment 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 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 Stock Up 3.0 %

SSTK traded up $0.93 during trading on Wednesday, reaching $32.32. 26,993 shares of the stock were exchanged, compared to its average volume of 507,393. The stock has a market cap of $1.13 billion, a P/E ratio of 30.77 and a beta of 1.10. Shutterstock has a twelve month low of $28.85 and a twelve month high of $54.40. The stock’s 50 day moving average price is $32.11 and its two-hundred day moving average price is $35.91. 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 issued its earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business had revenue of $250.59 million for the quarter, compared to the consensus estimate of $240.90 million. During the same period in the previous year, the company earned $0.99 earnings per share. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. Equities analysts expect that Shutterstock will post 3.07 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on SSTK shares. StockNews.com downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Morgan Stanley decreased 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. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a report on Tuesday, October 29th. Finally, Truist Financial reduced their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th.

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.