Verity Asset Management Inc. Purchases 8,411 Shares of Shutterstock, Inc. (NYSE:SSTK)

Verity Asset Management Inc. grew its position in shares of Shutterstock, Inc. (NYSE:SSTK) by 140.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,401 shares of the business services provider’s stock after acquiring an additional 8,411 shares during the period. Verity Asset Management Inc.’s holdings in Shutterstock were worth $509,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Texas Permanent School Fund Corp increased its holdings in Shutterstock by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider’s stock valued at $959,000 after purchasing an additional 271 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Shutterstock by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 12,575 shares of the business services provider’s stock valued at $487,000 after buying an additional 309 shares during the period. Cascade Investment Advisors Inc. raised its holdings in shares of Shutterstock by 1.2% during the third quarter. Cascade Investment Advisors Inc. now owns 27,430 shares of the business services provider’s stock valued at $970,000 after acquiring an additional 315 shares in the last quarter. ProShare Advisors LLC lifted its stake in Shutterstock by 7.4% in the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after acquiring an additional 342 shares during the period. Finally, Palouse Capital Management Inc. boosted its holdings in Shutterstock by 20.7% in the second quarter. Palouse Capital Management Inc. now owns 3,877 shares of the business services provider’s stock valued at $150,000 after acquiring an additional 665 shares in the last quarter. 82.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Shutterstock Stock Down 1.0 %

Shares of Shutterstock stock opened at $34.21 on Friday. Shutterstock, Inc. has a 1 year low of $28.95 and a 1 year high of $54.40. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42. The company has a 50-day moving average of $32.91 and a 200 day moving average of $36.90. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of 33.54 and a beta of 1.10.

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

Shutterstock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, November 29th. This represents a $1.20 dividend on an annualized basis and a yield of 3.51%. Shutterstock’s dividend payout ratio is currently 117.65%.

Shutterstock Profile

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.