Ameriprise Financial Inc. Raises Stake in Shutterstock, Inc. (NYSE:SSTK)

Ameriprise Financial Inc. grew its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 13.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 433,950 shares of the business services provider’s stock after acquiring an additional 52,682 shares during the period. Ameriprise Financial Inc.’s holdings in Shutterstock were worth $13,170,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in SSTK. Amundi boosted its position in shares of Shutterstock by 26.2% during the 4th quarter. Amundi now owns 2,350 shares of the business services provider’s stock worth $71,000 after purchasing an additional 488 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Shutterstock by 167.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock worth $76,000 after purchasing an additional 1,565 shares in the last quarter. R Squared Ltd acquired a new position in shares of Shutterstock during the 4th quarter worth $108,000. Palouse Capital Management Inc. raised its stake 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 worth $132,000 after buying an additional 525 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Shutterstock during the 4th quarter worth $134,000. 82.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SSTK has been the subject of several research reports. StockNews.com initiated coverage on Shutterstock in a research note on Tuesday, May 13th. They set a “buy” rating for the company. Needham & Company LLC cut their price target on Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, March 7th. Truist Financial downgraded Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a research note on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $45.33.

Shutterstock Stock Performance

Shares of NYSE SSTK opened at $18.65 on Friday. The company has a market cap of $657.49 million, a PE ratio of 18.28 and a beta of 1.10. Shutterstock, Inc. has a 12 month low of $14.35 and a 12 month high of $46.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The company has a 50-day simple moving average of $17.46 and a 200-day simple moving average of $25.36.

Shutterstock (NYSE:SSTK) last issued its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.23). The firm had revenue of $242.62 million for the quarter, compared to analysts’ expectations of $249.44 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.13 earnings per share. On average, equities analysts anticipate that Shutterstock, Inc. will post 3.12 earnings per share for the current year.

Shutterstock Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be issued a dividend of $0.33 per share. The ex-dividend date is Thursday, June 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.08%. Shutterstock’s dividend payout ratio (DPR) is presently 121.10%.

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.