The Manufacturers Life Insurance Company Sells 499 Shares of Shutterstock, Inc. (NYSE:SSTK)

The Manufacturers Life Insurance Company lessened its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 4.0% during the third quarter, Holdings Channel.com reports. The firm owned 12,076 shares of the business services provider’s stock after selling 499 shares during the period. The Manufacturers Life Insurance Company’s holdings in Shutterstock were worth $427,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Rubric Capital Management LP acquired a new stake in shares of Shutterstock in the 2nd quarter worth about $14,769,000. TD Asset Management Inc raised its holdings in shares of Shutterstock by 13.7% in the 2nd quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock worth $69,425,000 after acquiring an additional 215,539 shares during the last quarter. Epoch Investment Partners Inc. raised its holdings in shares of Shutterstock by 22.8% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock worth $42,010,000 after acquiring an additional 201,391 shares during the last quarter. Rice Hall James & Associates LLC raised its holdings 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 acquiring an additional 153,154 shares during the last quarter. Finally, Tieton Capital Management LLC purchased a new stake in Shutterstock in the 2nd quarter valued at about $5,320,000. Institutional investors own 82.79% of the company’s stock.

Shutterstock Stock Performance

Shutterstock stock opened at $32.30 on Monday. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.13 billion, a PE ratio of 31.67 and a beta of 1.08. The firm has a fifty day simple moving average of $31.56 and a two-hundred day simple moving average of $35.22. Shutterstock, Inc. has a twelve month low of $28.85 and a twelve month high of $54.40.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.25. The business had revenue of $250.59 million during the quarter, compared to the consensus estimate of $240.90 million. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.99 earnings per share. Research analysts expect that Shutterstock, Inc. will post 3.07 EPS for the current year.

Shutterstock Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend was Friday, November 29th. Shutterstock’s dividend payout ratio (DPR) is 117.65%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SSTK shares. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Shutterstock in a research note on Tuesday, October 29th. Morgan Stanley cut their price objective on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. Truist Financial cut 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. Finally, StockNews.com raised shares of Shutterstock from a “hold” rating to a “buy” rating in a report on Monday, December 9th.

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.