Comerica Bank Sells 3,336 Shares of Shutterstock, Inc. $SSTK

Comerica Bank lessened its position in Shutterstock, Inc. (NYSE:SSTK) by 27.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,020 shares of the business services provider’s stock after selling 3,336 shares during the quarter. Comerica Bank’s holdings in Shutterstock were worth $168,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alpine Associates Management Inc. purchased a new stake in Shutterstock in the 1st quarter valued at about $11,177,000. Hotchkis & Wiley Capital Management LLC boosted its position in Shutterstock by 63.8% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 538,670 shares of the business services provider’s stock valued at $10,035,000 after buying an additional 209,840 shares during the period. Millennium Management LLC boosted its position in Shutterstock by 77.6% in the 4th quarter. Millennium Management LLC now owns 299,412 shares of the business services provider’s stock valued at $9,087,000 after buying an additional 130,831 shares during the period. Rice Hall James & Associates LLC boosted its position in Shutterstock by 21.7% in the 1st quarter. Rice Hall James & Associates LLC now owns 666,348 shares of the business services provider’s stock valued at $12,414,000 after buying an additional 118,828 shares during the period. Finally, Two Sigma Investments LP boosted its position in Shutterstock by 1,702.3% in the 4th quarter. Two Sigma Investments LP now owns 125,441 shares of the business services provider’s stock valued at $3,807,000 after buying an additional 118,481 shares during the period. Institutional investors own 82.79% of the company’s stock.

Analyst Ratings Changes

SSTK has been the subject of several research reports. Needham & Company LLC lowered their price objective 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 from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Shutterstock currently has a consensus rating of “Hold” and an average price target of $43.67.

Shutterstock Trading Down 0.7%

NYSE SSTK opened at $20.13 on Thursday. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.20. The firm has a market cap of $714.12 million, a PE ratio of 11.12 and a beta of 1.05. The company has a 50 day moving average price of $20.18 and a 200 day moving average price of $18.95. Shutterstock, Inc. has a 52 week low of $14.35 and a 52 week high of $38.80.

Shutterstock (NYSE:SSTK) last released its earnings results on Tuesday, July 29th. The business services provider reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.46). The company had revenue of $266.99 million for the quarter, compared to analysts’ expectations of $248.27 million. Shutterstock had a return on equity of 18.42% and a net margin of 6.36%.The firm’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.00 EPS. As a group, sell-side analysts forecast that Shutterstock, Inc. will post 3.12 EPS for the current fiscal year.

Shutterstock Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Thursday, September 4th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 6.6%. The ex-dividend date of this dividend is Thursday, September 4th. Shutterstock’s dividend payout ratio is 72.93%.

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.