Truist Financial Downgrades Shutterstock (NYSE:SSTK) to Hold

Truist Financial cut shares of Shutterstock (NYSE:SSTK - Free Report) from a buy rating to a hold rating in a research report report published on Tuesday morning, Marketbeat reports.

A number of other research firms also recently issued reports on SSTK. JMP Securities reissued a "market perform" rating on shares of Shutterstock in a research report on Monday, January 6th. StockNews.com started coverage on Shutterstock in a research report on Wednesday, February 19th. They set a "hold" rating for the company. Finally, Needham & Company LLC lowered their price target on Shutterstock from $55.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $50.33.

Shutterstock Trading Down 2.3 %

Shutterstock stock traded down $0.50 during trading on Tuesday, hitting $21.47. The company's stock had a trading volume of 938,422 shares, compared to its average volume of 756,875. The stock has a market capitalization of $748.47 million, a price-to-earnings ratio of 21.05 and a beta of 1.08. The stock's fifty day moving average is $29.16 and its 200 day moving average is $31.52. Shutterstock has a 1-year low of $21.37 and a 1-year high of $54.40. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.42 and a current ratio of 0.42.

Shutterstock (NYSE:SSTK - Get Free Report) last released its earnings results 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 business had revenue of $250.30 million during the quarter, compared to analyst estimates of $254.16 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.72 earnings per share. As a group, equities research analysts predict that Shutterstock will post 3.12 EPS for the current year.

Shutterstock Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be given a $0.33 dividend. This is an increase from Shutterstock's previous quarterly dividend of $0.30. The ex-dividend date is Thursday, March 6th. This represents a $1.32 annualized dividend and a dividend yield of 6.15%. Shutterstock's dividend payout ratio is presently 130.69%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Covestor Ltd boosted its holdings in Shutterstock by 9.5% in the third quarter. Covestor Ltd now owns 4,577 shares of the business services provider's stock valued at $162,000 after purchasing an additional 397 shares during the last quarter. Amundi boosted its holdings in Shutterstock by 26.2% in the fourth quarter. Amundi now owns 2,350 shares of the business services provider's stock valued at $71,000 after purchasing an additional 488 shares during the last quarter. Palouse Capital Management Inc. boosted its holdings in Shutterstock by 13.7% in the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider's stock valued at $132,000 after purchasing an additional 525 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Shutterstock by 1.5% in 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 purchasing an additional 532 shares during the last quarter. Finally, Snowden Capital Advisors LLC boosted its holdings in Shutterstock by 5.4% in the fourth quarter. Snowden Capital Advisors LLC now owns 10,701 shares of the business services provider's stock valued at $325,000 after purchasing an additional 548 shares during the last quarter. Hedge funds and other institutional investors own 82.79% of the company's stock.

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.