California First Leasing Corp Reduces Holdings in Shutterstock, Inc. (NYSE:SSTK)

California First Leasing Corp decreased its position in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 43.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,885 shares of the business services provider's stock after selling 21,500 shares during the period. California First Leasing Corp owned 0.08% of Shutterstock worth $846,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Covestor Ltd raised its position in shares of Shutterstock by 9.5% during the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider's stock valued at $162,000 after buying an additional 397 shares during the last quarter. Palouse Capital Management Inc. raised its position in shares of Shutterstock by 13.7% during the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider's stock valued at $132,000 after buying an additional 525 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Shutterstock by 1.5% during the fourth quarter. Harbor Capital Advisors Inc. now owns 35,120 shares of the business services provider's stock valued at $1,066,000 after buying an additional 532 shares during the last quarter. Truvestments Capital LLC bought a new stake in shares of Shutterstock during the third quarter valued at approximately $31,000. Finally, Franklin Resources Inc. raised its position in shares of Shutterstock by 6.2% during the third quarter. Franklin Resources Inc. now owns 15,413 shares of the business services provider's stock valued at $545,000 after buying an additional 894 shares during the last quarter. Institutional investors own 82.79% of the company's stock.

Shutterstock Price Performance

SSTK traded up $0.07 during trading hours on Tuesday, hitting $20.88. The company's stock had a trading volume of 515,344 shares, compared to its average volume of 745,986. 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 business's 50-day moving average price is $28.79 and its 200-day moving average price is $31.24. The stock has a market cap of $728.45 million, a price-to-earnings ratio of 20.47 and a beta of 1.08. Shutterstock, Inc. has a 12 month low of $20.04 and a 12 month high of $54.40.

Shutterstock (NYSE:SSTK - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The business services provider reported $0.67 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.25). The firm had revenue of $250.30 million for the quarter, compared to analysts' expectations of $254.16 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The firm's quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.72 earnings per share. Sell-side analysts expect that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 6.32%. This is a positive change from Shutterstock's previous quarterly dividend of $0.30. The ex-dividend date is Thursday, March 6th. Shutterstock's payout ratio is presently 130.69%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SSTK. Truist Financial cut shares of Shutterstock from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. StockNews.com began coverage on shares of Shutterstock in a research report on Thursday, February 27th. They issued a "hold" rating on the stock. JMP Securities restated a "market perform" rating on shares of Shutterstock in a research report on Monday, January 6th. Finally, Needham & Company LLC reduced their price target on shares of Shutterstock from $55.00 to $45.00 and set a "buy" rating on the stock in a research report on Monday, January 13th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $50.33.

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.