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

Shutterstock, Inc. (NYSE:SSTK) announced a quarterly dividend on Tuesday, January 28th, Wall Street Journal reports. Investors 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 dividend on an annualized basis and a yield of 6.33%. The ex-dividend date of this dividend is Thursday, March 6th. This is a positive change 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 payout ratio of 40.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Shutterstock to earn $3.46 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 38.2%.

Shutterstock Stock Down 3.0 %

Shares of SSTK opened at $20.84 on Tuesday. Shutterstock has a 52 week low of $20.81 and a 52 week high of $54.40. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market capitalization of $727.19 million, a price-to-earnings ratio of 20.43 and a beta of 1.08. The business’s fifty day moving average price is $28.97 and its two-hundred day moving average price is $31.35.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Tuesday, February 25th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.92 by ($0.25). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm had revenue of $250.30 million for the quarter, compared to the consensus estimate of $254.16 million. During the same quarter in the previous year, the business posted $0.72 earnings per share. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. On average, analysts predict that Shutterstock will post 3.12 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Truist Financial lowered Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Needham & Company LLC decreased their price objective on Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a report on Monday, January 13th. StockNews.com started coverage on Shutterstock in a report on Thursday, February 27th. They issued a “hold” rating for the company. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Shutterstock in a report on Monday, January 6th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus 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.