Palouse Capital Management Inc. Raises Stock Position in Shutterstock, Inc. (NYSE:SSTK)

Palouse Capital Management Inc. increased its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 33.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,830 shares of the business services provider’s stock after purchasing an additional 1,473 shares during the period. Palouse Capital Management Inc.’s holdings in Shutterstock were worth $109,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in SSTK. PNC Financial Services Group Inc. increased its holdings 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 valued at $76,000 after purchasing an additional 1,565 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Shutterstock by 50.6% in the fourth quarter. Franklin Resources Inc. now owns 23,209 shares of the business services provider’s stock worth $704,000 after acquiring an additional 7,796 shares during the period. Millennium Management LLC raised its position in shares of Shutterstock by 77.6% in the fourth quarter. Millennium Management LLC now owns 299,412 shares of the business services provider’s stock worth $9,087,000 after acquiring an additional 130,831 shares during the period. Sei Investments Co. raised its position in shares of Shutterstock by 6.2% in the fourth quarter. Sei Investments Co. now owns 58,977 shares of the business services provider’s stock worth $1,791,000 after acquiring an additional 3,439 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Shutterstock by 13.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 57,769 shares of the business services provider’s stock worth $1,753,000 after acquiring an additional 7,023 shares during the period. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on SSTK. Needham & Company LLC decreased their price objective on shares of Shutterstock from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, June 2nd. Truist Financial downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. JMP Securities reiterated a “market perform” rating on shares of Shutterstock in a research report on Monday, May 5th. Finally, Wall Street Zen upgraded shares of Shutterstock to a “hold” rating in a research report on Saturday. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Shutterstock presently has a consensus rating of “Hold” and an average target price of $43.67.

Shutterstock Stock Down 5.0%

SSTK stock opened at $17.55 on Friday. The stock has a market capitalization of $618.67 million, a P/E ratio of 17.21 and a beta of 1.15. The firm has a 50-day simple moving average of $17.41 and a 200-day simple moving average of $23.54. 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, Inc. has a 52 week low of $14.35 and a 52 week high of $46.10.

Shutterstock (NYSE:SSTK) last released its 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 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 firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.13 EPS. Equities analysts forecast that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Investors of record on Thursday, June 5th will be given 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 yield of 7.52%. Shutterstock’s payout ratio is presently 121.10%.

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.