Shutterstock, Inc. (NYSE:SSTK) Shares Sold by Amalgamated Bank

Amalgamated Bank trimmed its position in Shutterstock, Inc. (NYSE:SSTK) by 7.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,214 shares of the business services provider’s stock after selling 542 shares during the quarter. Amalgamated Bank’s holdings in Shutterstock were worth $279,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SSTK. Texas Permanent School Fund Corp grew its position in Shutterstock by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 20,941 shares of the business services provider’s stock worth $959,000 after purchasing an additional 271 shares during the period. ProShare Advisors LLC grew its holdings in Shutterstock by 7.4% during the first quarter. ProShare Advisors LLC now owns 4,957 shares of the business services provider’s stock worth $227,000 after acquiring an additional 342 shares during the period. Quest Partners LLC raised its position in Shutterstock by 17.9% during the second quarter. Quest Partners LLC now owns 5,406 shares of the business services provider’s stock valued at $209,000 after acquiring an additional 822 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Shutterstock by 69.6% in the second quarter. Nisa Investment Advisors LLC now owns 2,042 shares of the business services provider’s stock valued at $79,000 after acquiring an additional 838 shares during the period. Finally, Linden Thomas Advisory Services LLC grew its stake in shares of Shutterstock by 9.7% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 9,898 shares of the business services provider’s stock worth $383,000 after purchasing an additional 874 shares during the period. Institutional investors and hedge funds own 82.79% of the company’s stock.

Shutterstock Stock Performance

NYSE:SSTK opened at $35.37 on Tuesday. The stock has a market capitalization of $1.27 billion, a PE ratio of 13.70 and a beta of 1.09. Shutterstock, Inc. has a fifty-two week low of $32.38 and a fifty-two week high of $54.40. The company has a fifty day moving average of $36.46 and a two-hundred day moving average of $39.42.

Shutterstock (NYSE:SSTK) last issued its quarterly 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 net margin of 5.33% and a return on equity of 20.45%. The company had revenue of $220.05 million during the quarter, compared to analysts’ expectations of $213.44 million. During the same period in the prior year, the business posted $0.76 earnings per share. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. Research analysts forecast that Shutterstock, Inc. will post 2.99 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Thursday, August 29th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend was Thursday, August 29th. Shutterstock’s payout ratio is 46.51%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. StockNews.com cut shares of Shutterstock from a “buy” rating to a “hold” rating in a research note on Sunday, September 22nd. Morgan Stanley upped their price objective on shares of Shutterstock from $55.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $65.00 target price on shares of Shutterstock in a research report 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.