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

Principal Financial Group Inc. boosted its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 2.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 152,272 shares of the business services provider’s stock after buying an additional 3,233 shares during the quarter. Principal Financial Group Inc.’s holdings in Shutterstock were worth $2,837,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in SSTK. KBC Group NV boosted its stake in Shutterstock by 1.4% in the first quarter. KBC Group NV now owns 67,003 shares of the business services provider’s stock valued at $1,248,000 after acquiring an additional 934 shares during the last quarter. Boston Trust Walden Corp raised its holdings in shares of Shutterstock by 1.2% in the 1st quarter. Boston Trust Walden Corp now owns 557,583 shares of the business services provider’s stock worth $10,388,000 after purchasing an additional 6,866 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Shutterstock by 159.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 78,652 shares of the business services provider’s stock worth $1,465,000 after purchasing an additional 48,382 shares during the period. Palouse Capital Management Inc. lifted its stake in Shutterstock by 33.8% in the first quarter. Palouse Capital Management Inc. now owns 5,830 shares of the business services provider’s stock valued at $109,000 after purchasing an additional 1,473 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Shutterstock during the first quarter valued at $633,000. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Needham & Company LLC decreased their target price on Shutterstock from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, June 2nd. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research note on Monday, May 5th. Finally, Wall Street Zen upgraded Shutterstock to a “hold” rating in a research note on Saturday, June 14th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $43.67.

Shutterstock Stock Down 1.7%

SSTK opened at $18.19 on Friday. Shutterstock, Inc. has a 12 month low of $14.35 and a 12 month high of $46.10. The company has a market cap of $641.20 million, a PE ratio of 16.69 and a beta of 1.15. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.22. The company has a 50 day moving average of $18.72 and a 200 day moving average of $21.39.

Shutterstock (NYSE:SSTK) last posted 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 company had revenue of $242.62 million during the quarter, compared to the consensus estimate of $249.44 million. Shutterstock had a return on equity of 17.70% and a net margin of 4.00%. Shutterstock’s revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.13 earnings per share. On average, sell-side analysts expect that Shutterstock, Inc. will post 3.12 EPS for the current year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th were paid a $0.33 dividend. The ex-dividend date was Thursday, June 5th. This represents a $1.32 annualized dividend and a yield of 7.26%. Shutterstock’s dividend payout ratio is currently 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.