Principal Financial Group Inc. Acquires 3,233 Shares of Shutterstock, Inc. (NYSE:SSTK)

Principal Financial Group Inc. raised its holdings in Shutterstock, Inc. (NYSE:SSTK) by 2.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 152,272 shares of the business services provider’s stock after buying an additional 3,233 shares during the quarter. Principal Financial Group Inc. owned 0.44% of Shutterstock worth $2,837,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. increased its position in Shutterstock by 9.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 351,204 shares of the business services provider’s stock valued at $10,659,000 after buying an additional 30,309 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Shutterstock in the fourth quarter valued at approximately $1,400,000. PNC Financial Services Group Inc. increased its holdings in shares of Shutterstock by 167.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,499 shares of the business services provider’s stock valued at $76,000 after acquiring an additional 1,565 shares in the last quarter. Amundi increased its holdings in shares of Shutterstock by 26.2% during the fourth quarter. Amundi now owns 2,350 shares of the business services provider’s stock valued at $71,000 after acquiring an additional 488 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Shutterstock by 11.6% during the fourth quarter. American Century Companies Inc. now owns 48,086 shares of the business services provider’s stock worth $1,459,000 after purchasing an additional 4,984 shares during the period. 82.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SSTK. Needham & Company LLC reduced their price target on shares of Shutterstock from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Monday, June 2nd. Wall Street Zen upgraded shares of Shutterstock to a “hold” rating in a report on Saturday, June 14th. Finally, JMP Securities reissued a “market perform” rating on shares of Shutterstock in a research report on Monday, May 5th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $43.67.

Shutterstock Trading Down 1.7%

NYSE SSTK opened at $18.19 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.22. The business has a fifty day simple moving average of $18.72 and a 200 day simple moving average of $21.39. Shutterstock, Inc. has a 12 month low of $14.35 and a 12 month high of $46.10. The firm has a market capitalization of $641.20 million, a P/E ratio of 16.69 and a beta of 1.15.

Shutterstock (NYSE:SSTK) last posted its earnings results on Friday, May 2nd. The business services provider reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.23). Shutterstock had a return on equity of 17.70% and a net margin of 4.00%. The firm had revenue of $242.62 million during the quarter, compared to the consensus estimate of $249.44 million. During the same quarter in the previous year, the company earned $1.13 EPS. The business’s revenue was up 13.2% compared to the same quarter last year. On average, analysts predict that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 19th. Shareholders of record on Thursday, June 5th were given a dividend of $0.33 per share. The ex-dividend date was Thursday, June 5th. This represents a $1.32 annualized dividend and a dividend yield of 7.26%. Shutterstock’s dividend payout ratio is currently 121.10%.

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.