Shutterstock, Inc. (NYSE:SSTK) Declares $0.30 Quarterly Dividend

Shutterstock, Inc. (NYSE:SSTK) declared a quarterly dividend on Monday, October 21st,Zacks Dividends reports. Shareholders of record on Friday, November 29th will be paid a dividend of 0.30 per share by the business services provider on Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Friday, November 29th.

Shutterstock has increased its dividend payment by an average of 16.7% per year over the last three years. Shutterstock has a payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Shutterstock to earn $3.09 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 38.8%.

Shutterstock Price Performance

Shares of SSTK traded up $0.43 during mid-day trading on Wednesday, hitting $31.82. 34,753 shares of the company traded hands, compared to its average volume of 507,382. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 31.69 and a beta of 1.10. The business has a 50-day moving average of $32.11 and a 200 day moving average of $35.91. Shutterstock has a one year low of $28.85 and a one year high of $54.40.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, October 29th. The business services provider reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. The firm had revenue of $250.59 million for the quarter, compared to analyst estimates of $240.90 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the company earned $0.99 EPS. As a group, equities analysts expect that Shutterstock will post 3.07 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on SSTK shares. Needham & Company LLC reissued a “buy” rating and set a $55.00 price objective on shares of Shutterstock in a report on Tuesday, October 29th. StockNews.com lowered shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Morgan Stanley lowered their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Finally, Truist Financial cut their price target on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th.

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.