Thrivent Financial for Lutherans Cuts Position in Shutterstock, Inc. (NYSE:SSTK)

Thrivent Financial for Lutherans lessened its stake in Shutterstock, Inc. (NYSE:SSTK) by 3.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,191 shares of the business services provider’s stock after selling 745 shares during the quarter. Thrivent Financial for Lutherans owned 0.06% of Shutterstock worth $679,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. TD Asset Management Inc increased its holdings in shares of Shutterstock by 13.7% in the 2nd quarter. TD Asset Management Inc now owns 1,793,925 shares of the business services provider’s stock valued at $69,425,000 after purchasing an additional 215,539 shares in the last quarter. Epoch Investment Partners Inc. increased its holdings in shares of Shutterstock by 22.8% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,085,539 shares of the business services provider’s stock valued at $42,010,000 after purchasing an additional 201,391 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Shutterstock by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 869,469 shares of the business services provider’s stock valued at $33,648,000 after purchasing an additional 34,243 shares in the last quarter. Rice Hall James & Associates LLC increased its holdings in shares of Shutterstock by 40.7% in the 3rd quarter. Rice Hall James & Associates LLC now owns 529,387 shares of the business services provider’s stock valued at $18,724,000 after purchasing an additional 153,154 shares in the last quarter. Finally, Rubric Capital Management LP purchased a new position in shares of Shutterstock in the 2nd quarter valued at about $14,769,000. Hedge funds and other institutional investors own 82.79% of the company’s stock.

Shutterstock Price Performance

Shutterstock stock opened at $33.72 on Thursday. Shutterstock, Inc. has a 12-month low of $28.85 and a 12-month high of $54.40. The stock has a market capitalization of $1.18 billion, a P/E ratio of 33.06 and a beta of 1.08. The firm’s 50-day moving average is $31.75 and its two-hundred day moving average is $35.54. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.42 and a quick ratio of 0.42.

Shutterstock (NYSE:SSTK) last released its quarterly earnings results on Tuesday, October 29th. The business services provider reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.25. Shutterstock had a net margin of 4.03% and a return on equity of 20.39%. The company had revenue of $250.59 million for the quarter, compared to analysts’ expectations of $240.90 million. During the same period last year, the company earned $0.99 EPS. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities analysts predict that Shutterstock, Inc. will post 3.07 earnings per share for the current year.

Shutterstock Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 3.56%. Shutterstock’s dividend payout ratio is currently 117.65%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SSTK. Truist Financial dropped their target price on shares of Shutterstock from $65.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 30th. Morgan Stanley dropped their target price on shares of Shutterstock from $58.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, October 21st. StockNews.com downgraded shares of Shutterstock from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $55.00 target price on shares of Shutterstock in a report on Tuesday, October 29th.

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.