Shutterstock, Inc. (NYSE:SSTK) Declares Dividend Increase – $0.33 Per Share

Shutterstock, Inc. (NYSE:SSTK) announced a quarterly dividend on Wednesday, January 29th,Wall Street Journal reports. Stockholders of record on Thursday, March 6th will be given a dividend of 0.33 per share by the business services provider on Thursday, March 20th. This represents a $1.32 annualized dividend and a dividend yield of 4.58%. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from Shutterstock’s previous quarterly dividend of $0.30.

Shutterstock has raised its dividend payment by an average of 12.6% annually over the last three years. Shutterstock has a dividend payout ratio of 36.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Shutterstock to earn $3.46 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 34.7%.

Shutterstock Price Performance

Shares of SSTK opened at $28.84 on Thursday. Shutterstock has a 1-year low of $27.30 and a 1-year high of $54.40. The stock has a market cap of $1.01 billion, a PE ratio of 28.28 and a beta of 1.08. 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 firm has a fifty day moving average price of $30.98 and a 200 day moving average price of $33.40.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, beating 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 firm had revenue of $250.59 million during the quarter, compared to analysts’ expectations of $240.90 million. During the same period in the previous year, the company earned $0.99 earnings per share. Shutterstock’s quarterly revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Shutterstock will post 3.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reduced their price target on shares of Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, January 13th. JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. 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 report on Wednesday, October 30th. Morgan Stanley reduced their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Finally, StockNews.com began coverage on shares of Shutterstock in a report on Sunday. They issued a “hold” rating for the company. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $50.33.

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.