Vestcor Inc Sells 13,115 Shares of Shutterstock, Inc. (NYSE:SSTK)

Vestcor Inc decreased its holdings in shares of Shutterstock, Inc. (NYSE:SSTK - Free Report) by 82.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,717 shares of the business services provider's stock after selling 13,115 shares during the period. Vestcor Inc's holdings in Shutterstock were worth $82,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Shutterstock in the third quarter worth $8,493,000. Raymond James Financial Inc. purchased a new stake in shares of Shutterstock in the fourth quarter worth $1,400,000. Barclays PLC increased its stake in shares of Shutterstock by 238.6% in the third quarter. Barclays PLC now owns 50,565 shares of the business services provider's stock worth $1,788,000 after purchasing an additional 35,632 shares in the last quarter. Petrus Trust Company LTA purchased a new stake in shares of Shutterstock in the third quarter worth $1,149,000. Finally, FMR LLC increased its stake in shares of Shutterstock by 397.5% in the third quarter. FMR LLC now owns 39,193 shares of the business services provider's stock worth $1,386,000 after purchasing an additional 31,315 shares in the last quarter. Institutional investors own 82.79% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SSTK shares. Needham & Company LLC reduced their price objective on shares of Shutterstock from $45.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, March 7th. JMP Securities reissued a "market perform" rating on shares of Shutterstock in a research note on Monday, January 6th. StockNews.com assumed coverage on shares of Shutterstock in a research note on Saturday, March 15th. They set a "hold" rating for the company. Finally, Truist Financial cut shares of Shutterstock from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Shutterstock has an average rating of "Hold" and a consensus price target of $45.33.

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Shutterstock Price Performance

SSTK traded up $0.03 during trading on Friday, hitting $19.55. 704,416 shares of the company traded hands, compared to its average volume of 511,684. The company has a market cap of $682.18 million, a PE ratio of 19.17 and a beta of 1.12. The stock's 50-day simple moving average is $25.96 and its two-hundred day simple moving average is $29.93. Shutterstock, Inc. has a 1 year low of $18.63 and a 1 year high of $48.38. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.23.

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

Shutterstock Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th were paid a $0.33 dividend. This is a boost from Shutterstock's previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date was Thursday, March 6th. Shutterstock's dividend payout ratio (DPR) is presently 130.69%.

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.