International Assets Investment Management LLC Boosts Stake in Shutterstock, Inc. (NYSE:SSTK)

International Assets Investment Management LLC lifted its holdings in shares of Shutterstock, Inc. (NYSE:SSTK) by 4,728.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 19,312 shares of the business services provider’s stock after acquiring an additional 18,912 shares during the quarter. International Assets Investment Management LLC’s holdings in Shutterstock were worth $932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Fifth Third Bancorp lifted its stake in Shutterstock by 48.7% during the 4th quarter. Fifth Third Bancorp now owns 883 shares of the business services provider’s stock valued at $43,000 after acquiring an additional 289 shares during the period. Ronald Blue Trust Inc. raised its holdings in shares of Shutterstock by 1,165.7% during the third quarter. Ronald Blue Trust Inc. now owns 1,329 shares of the business services provider’s stock valued at $51,000 after purchasing an additional 1,224 shares during the last quarter. Covestor Ltd lifted its position in Shutterstock by 77.2% during the third quarter. Covestor Ltd now owns 2,327 shares of the business services provider’s stock valued at $88,000 after purchasing an additional 1,014 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Shutterstock by 47.4% in the third quarter. PNC Financial Services Group Inc. now owns 2,965 shares of the business services provider’s stock worth $113,000 after purchasing an additional 954 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in Shutterstock by 32.9% in the 3rd quarter. Daiwa Securities Group Inc. now owns 5,690 shares of the business services provider’s stock worth $217,000 after purchasing an additional 1,410 shares during the period. 82.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Morgan Stanley assumed coverage on Shutterstock in a report on Thursday, February 22nd. They set an “equal weight” rating and a $55.00 price target on the stock. Truist Financial lowered their target price on Shutterstock from $85.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. StockNews.com downgraded Shutterstock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 29th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Shutterstock in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $62.50.

Shutterstock Stock Performance

Shares of Shutterstock stock opened at $42.78 on Wednesday. The stock has a market cap of $1.52 billion, a P/E ratio of 14.12 and a beta of 1.09. The stock’s fifty day moving average is $45.89 and its 200 day moving average is $44.94. Shutterstock, Inc. has a one year low of $33.80 and a one year high of $74.20.

Shutterstock (NYSE:SSTK) last posted its quarterly earnings data on Wednesday, February 21st. The business services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.13. The firm had revenue of $217.22 million for the quarter, compared to analysts’ expectations of $224.04 million. Shutterstock had a return on equity of 23.04% and a net margin of 12.61%. Analysts predict that Shutterstock, Inc. will post 3.13 EPS for the current year.

Shutterstock Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Thursday, February 29th were given a $0.30 dividend. This is a positive change from Shutterstock’s previous quarterly dividend of $0.27. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend was Wednesday, February 28th. Shutterstock’s dividend payout ratio is presently 39.60%.

Insider Activity

In related news, insider John Caine sold 1,974 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $43.30, for a total value of $85,474.20. Following the completion of the transaction, the insider now owns 7,413 shares of the company’s stock, valued at approximately $320,982.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 32.30% of the company’s stock.

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.