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

Copeland Capital Management LLC increased its holdings in Shutterstock, Inc. (NYSE:SSTK - Free Report) by 37.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,394,278 shares of the business services provider's stock after purchasing an additional 378,450 shares during the period. Copeland Capital Management LLC owned 3.90% of Shutterstock worth $67,316,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new position in Shutterstock in the 1st quarter worth approximately $27,000. Covestor Ltd increased its stake in Shutterstock by 88.6% in the 1st quarter. Covestor Ltd now owns 349 shares of the business services provider's stock worth $33,000 after acquiring an additional 164 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Shutterstock by 237.3% in the 1st quarter. Tower Research Capital LLC TRC now owns 560 shares of the business services provider's stock worth $41,000 after acquiring an additional 394 shares during the last quarter. Quarry LP increased its stake in Shutterstock by 81.8% in the 2nd quarter. Quarry LP now owns 611 shares of the business services provider's stock worth $30,000 after acquiring an additional 275 shares during the last quarter. Finally, Captrust Financial Advisors increased its stake in Shutterstock by 470.5% in the 1st quarter. Captrust Financial Advisors now owns 753 shares of the business services provider's stock worth $70,000 after acquiring an additional 621 shares during the last quarter. 82.79% of the stock is owned by hedge funds and other institutional investors.

Shutterstock Trading Down 0.7 %

Shares of NYSE SSTK traded down $0.34 during trading hours on Friday, hitting $45.81. 512,089 shares of the company traded hands, compared to its average volume of 584,701. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 15.12 and a beta of 1.10. The company's 50 day moving average price is $47.44 and its 200 day moving average price is $44.43. Shutterstock, Inc. has a 12 month low of $33.80 and a 12 month high of $75.96.

Shutterstock (NYSE:SSTK - Get Free Report) last released its earnings results on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.13. Shutterstock had a return on equity of 23.04% and a net margin of 12.61%. The firm had revenue of $217.22 million for the quarter, compared to the consensus estimate of $224.04 million. Equities analysts anticipate that Shutterstock, Inc. will post 3.13 EPS for the current year.

Shutterstock Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Thursday, February 29th were issued a dividend of $0.30 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.20 dividend on an annualized basis and a yield of 2.62%. This is a boost from Shutterstock's previous quarterly dividend of $0.27. Shutterstock's payout ratio is presently 39.60%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Morgan Stanley assumed coverage on Shutterstock in a research note on Thursday, February 22nd. They issued an "equal weight" rating and a $55.00 price objective on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price objective on shares of Shutterstock in a research note on Thursday, February 29th. StockNews.com downgraded Shutterstock from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 29th. Finally, Truist Financial cut their target price on Shutterstock from $85.00 to $70.00 and set a "buy" rating on the stock in a research report on Thursday, February 22nd. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $62.50.

Insider Activity at Shutterstock

In related news, insider John Caine sold 5,440 shares of the business's stock in a transaction on Monday, February 5th. The stock was sold at an average price of $47.20, for a total transaction of $256,768.00. Following the completion of the transaction, the insider now owns 5,439 shares in the company, valued at approximately $256,720.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Shutterstock news, insider John Caine sold 5,440 shares of the company's stock in a transaction on Monday, February 5th. The stock was sold at an average price of $47.20, for a total value of $256,768.00. Following the completion of the sale, the insider now directly owns 5,439 shares in the company, valued at approximately $256,720.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Jonathan Oringer sold 836 shares of the company's stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $50.07, for a total value of $41,858.52. Following the completion of the sale, the chairman now owns 11,018,940 shares of the company's stock, valued at $551,718,325.80. The disclosure for this sale can be found here. Insiders sold a total of 49,443 shares of company stock worth $2,472,717 in the last quarter. 32.30% of the stock is owned by company insiders.

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.