Charles Schwab Investment Management Inc. Grows Position in Shutterstock, Inc. $SSTK

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Shutterstock, Inc. by 12.7%, owning 395,906 shares valued at approximately $7.38 million.
• Shutterstock's recent quarterly earnings revealed an EPS of $1.19, missing estimates by $0.46, despite a revenue increase of 21.3% year-over-year.
• The company declared a quarterly dividend of $0.33 per share, resulting in an annualized dividend yield of 6.3%, with a payout ratio of 72.93%.

Charles Schwab Investment Management Inc. grew its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 12.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 395,906 shares of the business services provider's stock after buying an additional 44,702 shares during the period. Charles Schwab Investment Management Inc. owned 1.12% of Shutterstock worth $7,376,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SSTK. Performa Ltd US LLC purchased a new position in shares of Shutterstock during the first quarter valued at approximately $25,000. Versant Capital Management Inc increased its stake in shares of Shutterstock by 1,908.6% during the first quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock valued at $26,000 after buying an additional 1,336 shares during the period. HHM Wealth Advisors LLC bought a new stake in shares of Shutterstock during the first quarter valued at approximately $28,000. CWM LLC grew its stake in Shutterstock by 93.8% in the first quarter. CWM LLC now owns 1,810 shares of the business services provider's stock worth $34,000 after purchasing an additional 876 shares during the period. Finally, Palouse Capital Management Inc. grew its stake in Shutterstock by 33.8% in the first quarter. Palouse Capital Management Inc. now owns 5,830 shares of the business services provider's stock worth $109,000 after purchasing an additional 1,473 shares during the period. 82.79% of the stock is owned by hedge funds and other institutional investors.

Shutterstock Stock Up 1.2%

Shutterstock stock traded up $0.26 during mid-day trading on Monday, hitting $20.93. The company had a trading volume of 190,030 shares, compared to its average volume of 246,626. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 0.20. The stock's 50 day moving average price is $20.00 and its two-hundred day moving average price is $19.16. Shutterstock, Inc. has a 12 month low of $14.35 and a 12 month high of $38.80. The company has a market capitalization of $742.25 million, a PE ratio of 11.56 and a beta of 1.05.

Shutterstock (NYSE:SSTK - Get Free Report) last released its earnings results on Tuesday, July 29th. The business services provider reported $1.19 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.46). Shutterstock had a return on equity of 18.42% and a net margin of 6.36%.The company had revenue of $266.99 million during the quarter, compared to the consensus estimate of $248.27 million. During the same period last year, the firm posted $1.00 earnings per share. The company's revenue was up 21.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Shareholders of record on Thursday, September 4th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 6.3%. The ex-dividend date of this dividend is Thursday, September 4th. Shutterstock's payout ratio is 72.93%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a research note on Monday, May 5th. Needham & Company LLC reduced their price target on Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, June 2nd. Finally, Wall Street Zen raised Shutterstock from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $43.67.

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.