Shutterstock, Inc. Declares Quarterly Dividend of $0.30 (NYSE:SSTK)

Shutterstock, Inc. (NYSE:SSTK) declared a quarterly dividend on Monday, July 22nd, Zacks reports. Investors of record on Thursday, August 29th will be paid a dividend of 0.30 per share by the business services provider on Thursday, September 12th. This represents a $1.20 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Thursday, August 29th.

Shutterstock has raised its dividend by an average of 16.7% annually over the last three years. Shutterstock has a dividend payout ratio of 28.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Shutterstock to earn $3.71 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 32.3%.

Shutterstock Stock Performance

Shares of NYSE:SSTK opened at $34.56 on Tuesday. The company has a 50 day moving average of $38.24 and a 200-day moving average of $41.65. The firm has a market cap of $1.22 billion, a P/E ratio of 13.40 and a beta of 1.12. Shutterstock has a twelve month low of $32.72 and a twelve month high of $54.40.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, August 6th. The business services provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). Shutterstock had a return on equity of 20.45% and a net margin of 5.33%. The firm had revenue of $220.05 million during the quarter, compared to analyst estimates of $213.44 million. During the same quarter last year, the company earned $0.76 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. Equities research analysts forecast that Shutterstock will post 3.22 EPS for the current year.

Wall Street Analysts Forecast Growth

SSTK has been the subject of several research reports. Morgan Stanley raised their target price on Shutterstock from $55.00 to $58.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Truist Financial lowered their price objective on shares of Shutterstock from $70.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, May 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of Shutterstock in a research note on Tuesday, August 6th.

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.