Shutterstock, Inc. (NYSE:SSTK) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 167.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,499 shares of the business services provider’s stock after purchasing an additional 1,565 shares during the period. PNC Financial Services Group Inc.’s holdings in Shutterstock were worth $76,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Truvestments Capital LLC acquired a new stake in Shutterstock during the 3rd quarter worth about $31,000. R Squared Ltd purchased a new position in shares of Shutterstock in the fourth quarter worth approximately $108,000. Palouse Capital Management Inc. raised its holdings in shares of Shutterstock by 13.7% during the fourth quarter. Palouse Capital Management Inc. now owns 4,357 shares of the business services provider’s stock valued at $132,000 after acquiring an additional 525 shares during the period. National Bank of Canada FI lifted its position in shares of Shutterstock by 74.0% in the 3rd quarter. National Bank of Canada FI now owns 9,549 shares of the business services provider’s stock valued at $338,000 after acquiring an additional 4,061 shares in the last quarter. Finally, FORA Capital LLC acquired a new position in Shutterstock in the 3rd quarter worth approximately $344,000. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Trading Down 2.7 %

Shares of NYSE SSTK opened at $19.18 on Wednesday. The business has a 50 day simple moving average of $25.57 and a 200 day simple moving average of $29.66. Shutterstock, Inc. has a 52 week low of $18.63 and a 52 week high of $47.89. The stock has a market cap of $669.27 million, a price-to-earnings ratio of 18.80 and a beta of 1.12. 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) last posted 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 the consensus estimate of $254.16 million. Shutterstock had a return on equity of 20.39% and a net margin of 4.03%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.72 earnings per share. On average, research analysts predict that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, March 6th were given a $0.33 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 6.88%. This is a boost from Shutterstock’s previous quarterly dividend of $0.30. Shutterstock’s payout ratio is currently 130.69%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SSTK shares. StockNews.com began coverage on shares of Shutterstock in a research note on Sunday. They set a “hold” rating on the stock. Needham & Company LLC reduced their price objective on Shutterstock from $45.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, March 7th. JMP Securities restated a “market perform” rating on shares of Shutterstock in a research report on Monday, January 6th. Finally, Truist Financial lowered shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $45.33.

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.