Invesco Ltd. Purchases 26,029 Shares of Shutterstock, Inc. $SSTK

Key Points

• Invesco Ltd. has increased its stake in Shutterstock, Inc. by 25.6%, now holding approximately $2.38 million in assets, representing about 0.36% of the company's total shares.
• Shutterstock reported earnings per share of $1.19 for the quarter, which was below analysts’ expectations of $1.65, despite a 21.3% year-over-year revenue growth to $266.99 million.
• The company has declared a quarterly dividend of $0.33 per share, resulting in an annualized yield of 6.3% with a payout ratio of 72.93%.

Invesco Ltd. boosted its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 25.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 127,740 shares of the business services provider's stock after buying an additional 26,029 shares during the quarter. Invesco Ltd. owned about 0.36% of Shutterstock worth $2,380,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its position in shares of Shutterstock by 12.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 395,906 shares of the business services provider's stock valued at $7,376,000 after purchasing an additional 44,702 shares during the last quarter. Performa Ltd US LLC bought a new stake in shares of Shutterstock in the first quarter valued at about $25,000. Alpine Associates Management Inc. bought a new stake in shares of Shutterstock in the first quarter valued at about $11,177,000. HHM Wealth Advisors LLC bought a new stake in shares of Shutterstock in the first quarter valued at about $28,000. Finally, XTX Topco Ltd bought a new stake in shares of Shutterstock in the first quarter valued at about $335,000. 82.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SSTK has been the subject of several recent research reports. Wall Street Zen raised shares of Shutterstock from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Needham & Company LLC dropped their price target on shares of Shutterstock from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, June 2nd. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $43.67.

Shutterstock Trading Down 1.9%

SSTK stock traded down $0.40 during midday trading on Thursday, reaching $20.63. The company's stock had a trading volume of 209,489 shares, compared to its average volume of 219,215. Shutterstock, Inc. has a 52 week low of $14.35 and a 52 week high of $38.80. The stock has a market cap of $731.75 million, a PE ratio of 11.40 and a beta of 1.05. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.20. The business's 50-day simple moving average is $20.12 and its 200-day simple moving average is $19.13.

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

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date of this dividend is Thursday, September 4th. Shutterstock's dividend payout ratio is 72.93%.

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.