Shutterstock, Inc. (NYSE:SSTK) Announces $0.30 Quarterly Dividend

Shutterstock, Inc. (NYSE:SSTK) declared a quarterly dividend on Monday, October 21st,Zacks Dividends reports. Investors of record on Friday, November 29th will be paid a dividend of 0.30 per share by the business services provider on Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Friday, November 29th.

Shutterstock has raised its dividend payment by an average of 16.7% annually over the last three years. Shutterstock has a payout ratio of 25.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Shutterstock to earn $3.09 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 38.8%.

Shutterstock Stock Performance

Shutterstock stock traded up $0.43 on Wednesday, hitting $31.82. The company’s stock had a trading volume of 34,753 shares, compared to its average volume of 507,382. Shutterstock has a one year low of $28.85 and a one year high of $54.40. The firm has a market cap of $1.11 billion, a P/E ratio of 31.69 and a beta of 1.10. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average price of $32.11 and a 200-day moving average price of $35.91.

Shutterstock (NYSE:SSTK) last posted its 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. The business had revenue of $250.59 million for the quarter, compared to analysts’ expectations of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 earnings per share. On average, equities analysts anticipate that Shutterstock will post 3.07 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SSTK. Needham & Company LLC reissued a “buy” rating and issued a $55.00 target price on shares of Shutterstock in a report on Tuesday, October 29th. StockNews.com lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Truist Financial reduced their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Finally, Morgan Stanley dropped their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research report on Monday, October 21st.

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.