Shutterstock, Inc. $SSTK Shares Acquired by Callodine Capital Management LP

Callodine Capital Management LP increased its stake in shares of Shutterstock, Inc. (NYSE:SSTK) by 86.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 768,705 shares of the business services provider’s stock after buying an additional 355,478 shares during the quarter. Shutterstock comprises about 1.4% of Callodine Capital Management LP’s holdings, making the stock its 28th largest position. Callodine Capital Management LP owned approximately 2.16% of Shutterstock worth $16,027,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC lifted its position in Shutterstock by 109.3% during the 1st quarter. Millennium Management LLC now owns 626,615 shares of the business services provider’s stock worth $11,674,000 after acquiring an additional 327,203 shares during the period. UBS Group AG increased its holdings in shares of Shutterstock by 72.7% in the third quarter. UBS Group AG now owns 547,241 shares of the business services provider’s stock valued at $11,410,000 after purchasing an additional 230,413 shares during the period. Alpine Associates Management Inc. raised its stake in shares of Shutterstock by 23.4% during the third quarter. Alpine Associates Management Inc. now owns 902,461 shares of the business services provider’s stock worth $18,816,000 after purchasing an additional 171,375 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Shutterstock by 117.2% during the second quarter. Bank of America Corp DE now owns 284,559 shares of the business services provider’s stock worth $5,395,000 after purchasing an additional 153,575 shares during the last quarter. Finally, Pale Fire Capital SE lifted its holdings in shares of Shutterstock by 92.3% during the second quarter. Pale Fire Capital SE now owns 154,278 shares of the business services provider’s stock worth $2,925,000 after purchasing an additional 74,060 shares during the period. 82.79% of the stock is owned by hedge funds and other institutional investors.

Shutterstock Stock Down 1.2%

SSTK opened at $16.07 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.54 and a quick ratio of 0.54. The business has a 50 day simple moving average of $17.86 and a 200-day simple moving average of $20.02. The stock has a market capitalization of $571.29 million, a P/E ratio of 12.46 and a beta of 1.23. Shutterstock, Inc. has a 12 month low of $14.35 and a 12 month high of $29.50.

Shutterstock (NYSE:SSTK) last announced its quarterly earnings data on Tuesday, February 17th. The business services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.38). The business had revenue of $220.22 million for the quarter, compared to analyst estimates of $252.28 million. Shutterstock had a return on equity of 16.13% and a net margin of 4.60%.The company’s revenue was down 12.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.67 EPS. On average, equities analysts anticipate that Shutterstock, Inc. will post 3.12 earnings per share for the current fiscal year.

Shutterstock Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 19th. Stockholders of record on Thursday, March 5th will be paid a dividend of $0.36 per share. This is a boost from Shutterstock’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 9.0%. Shutterstock’s dividend payout ratio is currently 111.63%.

Analyst Ratings Changes

SSTK has been the topic of a number of analyst reports. Zacks Research upgraded shares of Shutterstock from a “strong sell” rating to a “hold” rating in a research report on Monday, January 26th. Weiss Ratings restated a “hold (c-)” rating on shares of Shutterstock in a research note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $25.00.

Shutterstock Company Profile

Shutterstock, Inc (NYSE:SSTK) operates a leading global creative platform that provides royalty-free stock content to businesses, marketing agencies and media outlets. Its primary offerings include high-resolution photographs, vector graphics, illustrations, video footage and music tracks, all available through subscription plans or on-demand licensing. The platform also features customizable design tools and collaborative workspaces that enable customers to create and manage visual content more efficiently.

Founded in 2003 by Jon Oringer, Shutterstock began as an online marketplace offering a modest selection of images and quickly scaled its library to hundreds of millions of assets.