Public Sector Pension Investment Board Increases Position in Shutterstock, Inc. $SSTK

Key Points

• The Public Sector Pension Investment Board increased its stake in Shutterstock, Inc. by 27.0% in Q1, owning a total of 76,188 shares valued at approximately $1.4 million.
• Shutterstock recently reported an earnings miss for the quarter, with an EPS of $1.19, falling short of estimates by $0.46, despite a 21.3% year-over-year revenue increase to $266.99 million.
• The company announced a quarterly dividend of $0.33 per share, representing an annualized dividend yield of 6.2%, with a payout ratio of 72.93%.

Public Sector Pension Investment Board lifted its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 27.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,188 shares of the business services provider's stock after buying an additional 16,209 shares during the period. Public Sector Pension Investment Board owned about 0.22% of Shutterstock worth $1,419,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SSTK. Performa Ltd US LLC purchased a new stake in shares of Shutterstock in the first quarter valued at approximately $25,000. Versant Capital Management Inc lifted its holdings in Shutterstock by 1,908.6% in the first quarter. Versant Capital Management Inc now owns 1,406 shares of the business services provider's stock valued at $26,000 after acquiring an additional 1,336 shares during the period. HHM Wealth Advisors LLC purchased a new stake in shares of Shutterstock during the 1st quarter worth $28,000. CWM LLC grew its stake in shares of Shutterstock by 93.8% during the 1st 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 shares of Shutterstock by 33.8% during the 1st 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 institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wall Street Zen upgraded shares of Shutterstock from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a report on Monday, May 5th. Finally, Needham & Company LLC reduced 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $43.67.

Shutterstock Price Performance

NYSE SSTK traded up $0.47 during trading hours on Friday, reaching $21.91. The company's stock had a trading volume of 207,585 shares, compared to its average volume of 273,574. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.49 and a current ratio of 0.49. The company's 50-day moving average is $19.71 and its two-hundred day moving average is $19.55. Shutterstock, Inc. has a fifty-two week low of $14.35 and a fifty-two week high of $38.80. The stock has a market cap of $777.24 million, a PE ratio of 12.11 and a beta of 0.99.

Shutterstock (NYSE:SSTK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The business services provider reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.46). The business had revenue of $266.99 million during the quarter, compared to analysts' expectations of $248.27 million. Shutterstock had a net margin of 6.36% and a return on equity of 18.42%. The firm's revenue for the quarter was up 21.3% on a year-over-year basis. During the same period last year, the company earned $1.00 EPS. Analysts forecast that Shutterstock, Inc. will post 3.12 EPS for the current 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 dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 6.0%. The ex-dividend date is Thursday, September 4th. Shutterstock's dividend payout ratio is 72.93%.

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.