Shutterstock, Inc. (NYSE:SSTK) Announces 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 paid 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 is Thursday, March 6th. This is a positive change from Shutterstock’s previous quarterly dividend of $0.30.

Shutterstock has increased its dividend payment by an average of 12.6% per year over the last three years. Shutterstock has a dividend payout ratio of 36.8% indicating that its dividend is sufficiently covered by earnings. Equities 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 Stock Performance

Shutterstock stock opened at $28.84 on Thursday. The firm has a market capitalization of $1.01 billion, a P/E ratio of 28.28 and a beta of 1.08. The stock has a fifty day moving average price of $30.98 and a 200 day moving average price of $33.40. Shutterstock has a 52 week low of $27.30 and a 52 week high of $54.40. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, beating the consensus estimate of $1.06 by $0.25. The firm had revenue of $250.59 million during the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.99 earnings per share. Equities research analysts anticipate that Shutterstock will post 3.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research note on Monday, January 6th. Truist Financial dropped their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley dropped their price target on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a research note on Monday, October 21st. Needham & Company LLC lowered their target price on Shutterstock from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, January 13th. Finally, StockNews.com initiated coverage on Shutterstock in a research note on Sunday. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $50.33.

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.