Shutterstock, Inc. (NYSE:SSTK) Declares Quarterly Dividend of $0.33

Shutterstock, Inc. (NYSE:SSTK - Get Free Report) announced a quarterly dividend on Tuesday, April 22nd, Wall Street Journal reports. Stockholders of record on Thursday, June 5th will be given a dividend of 0.33 per share by the business services provider on Thursday, June 19th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.85%. The ex-dividend date is Thursday, June 5th.

Shutterstock has raised its dividend payment by an average of 12.6% per year over the last three years. Shutterstock has a payout ratio of 46.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Shutterstock to earn $3.46 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 38.2%.

Shutterstock Price Performance

Shares of NYSE SSTK traded down $0.08 during midday trading on Friday, reaching $16.81. 69,460 shares of the company were exchanged, compared to its average volume of 539,806. The stock's 50-day moving average price is $19.01 and its 200-day moving average price is $26.82. The stock has a market cap of $586.46 million, a P/E ratio of 16.50 and a beta of 1.13. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. Shutterstock has a one year low of $14.35 and a one year high of $46.10.

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SSTK. Needham & Company LLC lowered their target price on Shutterstock from $45.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, March 7th. JMP Securities reaffirmed 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 report on Tuesday, April 8th. They set a "hold" rating for the company. Finally, Truist Financial downgraded shares of Shutterstock from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Shutterstock currently has a consensus rating of "Hold" and a consensus target price of $45.33.

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.