Victory Capital Management Inc. Increases Position in Shutterstock, Inc. (NYSE:SSTK)

Key Points

• Victory Capital Management Inc. boosted its stake in Shutterstock by 33.3%, acquiring an additional 13,767 shares, reaching a total of 55,137 shares valued at approximately $1,027,000.
• Shutterstock's stock has seen a 2.5% decline recently, trading at $18.69 with a market capitalization of $663.01 million.
• The company announced a quarterly dividend of $0.33 per share, resulting in a yield of 7.1%, with the payment scheduled for September 18th.

Victory Capital Management Inc. increased its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 55,137 shares of the business services provider's stock after buying an additional 13,767 shares during the quarter. Victory Capital Management Inc. owned about 0.16% of Shutterstock worth $1,027,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Rice Hall James & Associates LLC raised its position in Shutterstock by 21.7% in the first quarter. Rice Hall James & Associates LLC now owns 666,348 shares of the business services provider's stock valued at $12,414,000 after purchasing an additional 118,828 shares during the period. CWM LLC raised its position in Shutterstock by 93.8% in the first quarter. CWM LLC now owns 1,810 shares of the business services provider's stock valued at $34,000 after purchasing an additional 876 shares during the period. Linden Thomas Advisory Services LLC raised its position in Shutterstock by 18.5% in the first quarter. Linden Thomas Advisory Services LLC now owns 15,906 shares of the business services provider's stock valued at $296,000 after purchasing an additional 2,482 shares during the period. Principal Financial Group Inc. raised its position in Shutterstock by 2.2% in the first quarter. Principal Financial Group Inc. now owns 152,272 shares of the business services provider's stock valued at $2,837,000 after purchasing an additional 3,233 shares during the period. Finally, KBC Group NV raised its position in Shutterstock by 1.4% in the first quarter. KBC Group NV now owns 67,003 shares of the business services provider's stock valued at $1,248,000 after purchasing an additional 934 shares during the period. Hedge funds and other institutional investors own 82.79% of the company's stock.

Shutterstock Stock Up 4.5%

Shares of SSTK stock traded up $0.84 on Monday, reaching $19.50. 64,201 shares of the stock were exchanged, compared to its average volume of 470,807. 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 business's 50 day moving average price is $18.90 and its 200 day moving average price is $20.56. The company has a market capitalization of $691.49 million, a price-to-earnings ratio of 10.77 and a beta of 0.99. Shutterstock, Inc. has a twelve month low of $14.35 and a twelve month high of $39.66.

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 (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.46). Shutterstock had a net margin of 6.36% and a return on equity of 18.42%. The company had revenue of $266.99 million during the quarter, compared to analyst estimates of $248.27 million. During the same quarter in the prior year, the company earned $1.00 EPS. The business's revenue was up 21.3% on a year-over-year basis. As a group, sell-side analysts expect that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date of this dividend is Thursday, September 4th. Shutterstock's dividend payout ratio is presently 72.93%.

Analyst Ratings Changes

SSTK has been the topic of a number of recent research reports. Wall Street Zen raised Shutterstock from a "hold" rating to a "buy" rating in a research report on Saturday. Needham & Company LLC cut their price objective on Shutterstock from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Monday, June 2nd. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Shutterstock in a research report on Monday, May 5th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $43.67.

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.