Shutterstock (NYSE:SSTK) Downgraded by Truist Financial to “Hold”

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

Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC decreased 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. StockNews.com started coverage on shares of Shutterstock in a research report on Wednesday, February 19th. They issued a “hold” rating for the company. Finally, JMP Securities restated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $50.33.

Shutterstock Price Performance

Shares of SSTK opened at $22.83 on Tuesday. Shutterstock has a fifty-two week low of $22.41 and a fifty-two week high of $54.40. The company has a market capitalization of $795.70 million, a price-to-earnings ratio of 22.38 and a beta of 1.08. The firm has a 50-day simple moving average of $29.82 and a 200-day simple moving average of $31.84. 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, February 25th. The business services provider reported $0.67 earnings per share for the quarter, missing the consensus estimate of $0.92 by ($0.25). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business had revenue of $250.30 million for the quarter, compared to analyst estimates of $254.16 million. During the same quarter last year, the company posted $0.72 EPS. Shutterstock’s quarterly revenue was up 15.2% on a year-over-year basis. On average, equities research analysts anticipate that Shutterstock will post 3.12 earnings per share for the current year.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th will be issued a $0.33 dividend. The ex-dividend date is Thursday, March 6th. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 5.78%. Shutterstock’s dividend payout ratio (DPR) is 129.41%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Truvestments Capital LLC purchased a new position in Shutterstock in the third quarter valued at about $31,000. Amundi increased its holdings in Shutterstock by 26.2% in the fourth quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after buying an additional 488 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Shutterstock by 167.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock valued at $76,000 after buying an additional 1,565 shares in the last quarter. R Squared Ltd purchased a new position in Shutterstock in the fourth quarter valued at about $108,000. Finally, Palouse Capital Management Inc. increased its holdings in Shutterstock by 13.7% in the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after buying an additional 525 shares in the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

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.