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Investing.com reports that Shutterstock declares dividend of $0.30 per share

Investing.com by Investing.com
July 22, 2024
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Shutterstock, Inc. (NYSE:), a global provider of stock photography, footage, and music, has announced a cash dividend for its shareholders. Today, the company’s Board of Directors declared a dividend of $0.30 per common share. This dividend is applicable to shareholders on record as of August 29, 2024, and will be payable on September 12, 2024.

The declared dividend is part of the company’s financial management strategy and follows its corporate governance practices. Shareholders who hold Shutterstock’s common stock as of the record date in late August can expect to receive the dividend payment in mid-September.

Shutterstock’s financial position, as indicated by the dividend declaration, suggests a stable outlook for the company’s earnings and ability to generate cash flow. Dividend payments are often seen as a sign of a company’s confidence in its current financial health and future prospects.

In other recent news, Shutterstock, Inc. has been making significant strides in its operations and strategic direction. The company’s first-quarter earnings for 2024 surpassed expectations, with revenue figures reaching $214 million and an EBITDA of $56 million. In a strategic move, Shutterstock also announced plans to acquire Envato, expected to be completed in the third quarter of 2024. This acquisition aims to enhance Shutterstock’s product offerings and expand its audience reach.

On the personnel front, Shutterstock welcomed Jaime Teevan, a Chief Scientist and Technical Fellow at Microsoft (NASDAQ:), to its board of directors. Teevan’s expertise in AI is expected to contribute significantly to Shutterstock’s strategic direction, particularly in the field of artificial intelligence. In addition, Shutterstock has amended CEO Paul J. Hennessy’s compensation and announced a new equity award aimed at incentivizing his continued service until July 1, 2026.

Analysts from Truist Securities and Needham have also adjusted their outlooks on Shutterstock. Truist Securities reduced its share price target from $70 to $65 but maintained a Buy rating, citing mixed quarterly results and potential risks associated with the Envato acquisition.

Needham, on the other hand, raised its price target from $60 to $65, also maintaining a Buy rating, in response to the strong Q1 results and the Envato deal. These developments are part of Shutterstock’s broader strategy to bolster its machine learning and generative services to meet the demands of enterprise customers and support its target of double-digit growth by 2027.

InvestingPro Insights

As Shutterstock, Inc. (NYSE:SSTK) announces its latest dividend, the company’s financial stability and shareholder value proposition come into focus. An InvestingPro Tip highlights that Shutterstock has increased its dividend for 4 consecutive years, underscoring its commitment to returning value to shareholders. Additionally, the company holds more cash than debt, which suggests a strong balance sheet and financial flexibility.

InvestingPro Data reveals a market capitalization of $1.48 billion, with a P/E ratio of 15.72, reflecting investor sentiment on the company’s earnings capacity. Moreover, the company’s revenue for the last twelve months as of Q1 2024 stands at $873.62 million, with a healthy gross profit margin of 58.98%. This financial performance is backed by a dividend yield of 2.95%, which is attractive to income-focused investors.

For those interested in a deeper analysis, InvestingPro offers additional tips on Shutterstock, which can be accessed with a subscription. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and unlock the full suite of InvestingPro insights.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

For more trending news articles like this, check out DeFi Daily News!

**Conclusion:**
In conclusion, Shutterstock’s announcement of a cash dividend reflects its strong financial position and commitment to shareholders. The company’s recent strategic moves, including the acquisition of Envato and the addition of Jaime Teevan to its board, demonstrate its focus on innovation and growth. Analyst outlooks and adjustments indicate varying perspectives on Shutterstock’s prospects, but overall, the company’s trajectory seems positive. As investors continue to track Shutterstock’s performance and market developments, the company’s efforts to enhance its offerings and expand its market presence will be crucial in achieving its growth targets. Stay tuned for more updates on Shutterstock and other industry news on DeFi Daily News!



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