Palouse Capital Management Inc. Raises Position in Shutterstock, Inc. (NYSE:SSTK)

Palouse Capital Management Inc. grew its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 13.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,357 shares of the business services provider’s stock after purchasing an additional 525 shares during the quarter. Palouse Capital Management Inc.’s holdings in Shutterstock were worth $132,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in SSTK. SG Americas Securities LLC purchased a new position in shares of Shutterstock in the 3rd quarter worth $376,000. Allspring Global Investments Holdings LLC raised its position in shares of Shutterstock by 11,862.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 114,241 shares of the business services provider’s stock worth $4,041,000 after buying an additional 113,286 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Shutterstock in the 3rd quarter worth $2,018,000. Rice Hall James & Associates LLC raised its position in shares of Shutterstock by 40.7% in the 3rd quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock worth $18,724,000 after buying an additional 153,154 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in shares of Shutterstock by 97.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 26,536 shares of the business services provider’s stock worth $939,000 after buying an additional 13,088 shares during the period. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Stock Down 2.5 %

Shares of Shutterstock stock opened at $28.71 on Friday. The business has a 50-day moving average of $30.50 and a 200-day moving average of $32.41. 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 market capitalization of $1.00 billion, a PE ratio of 28.15 and a beta of 1.08. Shutterstock, Inc. has a 1-year low of $27.30 and a 1-year high of $54.40.

Shutterstock Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Stockholders of record on Thursday, March 6th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from Shutterstock’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a dividend yield of 4.60%. Shutterstock’s dividend payout ratio (DPR) is currently 117.65%.

Analyst Ratings Changes

Several research firms have commented on SSTK. StockNews.com began coverage on Shutterstock in a research report on Tuesday, February 11th. They issued a “hold” rating on the stock. Needham & Company LLC cut their price objective on Shutterstock from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, January 13th. Truist Financial cut their price objective on Shutterstock from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Morgan Stanley cut their price objective on Shutterstock from $58.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Monday, October 21st. Finally, JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.33.

Shutterstock Company 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.