Bank of America Corp DE Sells 125,808 Shares of Shutterstock, Inc. (NYSE:SSTK)

Bank of America Corp DE trimmed its position in Shutterstock, Inc. (NYSE:SSTK - Free Report) by 84.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,720 shares of the business services provider's stock after selling 125,808 shares during the period. Bank of America Corp DE owned approximately 0.07% of Shutterstock worth $720,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in SSTK. Palouse Capital Management Inc. raised its holdings in Shutterstock by 13.7% during the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider's stock worth $132,000 after buying an additional 525 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Shutterstock by 3.6% during the fourth quarter. Principal Financial Group Inc. now owns 149,039 shares of the business services provider's stock worth $4,523,000 after acquiring an additional 5,204 shares in the last quarter. Rice Hall James & Associates LLC raised its holdings in shares of Shutterstock by 3.4% in the 4th quarter. Rice Hall James & Associates LLC now owns 547,520 shares of the business services provider's stock worth $16,617,000 after acquiring an additional 18,133 shares during the last quarter. Hussman Strategic Advisors Inc. lifted its position in Shutterstock by 50.0% in the 4th quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the business services provider's stock valued at $1,912,000 after acquiring an additional 21,000 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Shutterstock by 6.1% during the 4th quarter. Los Angeles Capital Management LLC now owns 24,196 shares of the business services provider's stock valued at $734,000 after purchasing an additional 1,386 shares during the last quarter. 82.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SSTK has been the topic of a number of recent research reports. Needham & Company LLC dropped their target price on Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Monday, June 2nd. Truist Financial cut Shutterstock from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Wall Street Zen initiated coverage on shares of Shutterstock in a research note on Wednesday, May 21st. They issued a "buy" rating for the company. Finally, JMP Securities reissued a "market perform" rating on shares of Shutterstock in a research report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Shutterstock presently has a consensus rating of "Hold" and an average target price of $43.67.

Shutterstock Stock Performance

Shares of NYSE:SSTK traded down $0.93 during midday trading on Friday, reaching $17.55. The company had a trading volume of 191,010 shares, compared to its average volume of 528,929. Shutterstock, Inc. has a 52-week low of $14.35 and a 52-week high of $46.10. The company's 50 day moving average price is $17.35 and its 200 day moving average price is $23.64. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The stock has a market cap of $618.67 million, a P/E ratio of 17.21 and a beta of 1.15.

Shutterstock (NYSE:SSTK - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.23). Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The company had revenue of $242.62 million for the quarter, compared to analysts' expectations of $249.44 million. During the same quarter in the previous year, the business earned $1.13 EPS. The company's revenue for the quarter was up 13.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 19th. Stockholders of record on Thursday, June 5th will be paid a dividend of $0.33 per share. The ex-dividend date is Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 7.52%. Shutterstock's payout ratio is 121.10%.

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.