Unusual Put Option Trade in Shutterstock Worth $440K

On May 3, 2023 at 12:21:15 ET an unusually large $440.00K block of Put contracts in Shutterstock (SSTK) was bought, with a strike price of $47.50 / share, expiring in 261 day(s) (on January 19, 2024). Fintel tracks all large options trades, and the premium spent on this trade was 1.65 sigmas above the mean, placing it in the 100.00th percentile of all recent large trades made in SSTK options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 545 funds or institutions reporting positions in Shutterstock. This is an increase of 15 owner(s) or 2.83% in the last quarter. Average portfolio weight of all funds dedicated to SSTK is 0.16%, an increase of 5.31%. Total shares owned by institutions increased in the last three months by 1.66% to 30,481K shares. The put/call ratio of SSTK is 0.87, indicating a bullish outlook.

Analyst Price Forecast Suggests 43.87% Upside

As of April 24, 2023, the average one-year price target for Shutterstock is $88.74. The forecasts range from a low of $84.84 to a high of $94.50. The average price target represents an increase of 43.87% from its latest reported closing price of $61.68.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Shutterstock is $848MM, an increase of 0.49%. The projected annual non-GAAP EPS is $3.59.

What are Other Shareholders Doing?

Jump Financial holds 21K shares representing 0.06% ownership of the company. In it’s prior filing, the firm reported owning 34K shares, representing a decrease of 65.21%. The firm decreased its portfolio allocation in SSTK by 13.89% over the last quarter.

NORTHERN FUNDS – NORTHERN SMALL CAP CORE FUND Class K holds 1K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 1K shares, representing an increase of 1.90%. The firm decreased its portfolio allocation in SSTK by 2.05% over the last quarter.

Northern Trust holds 288K shares representing 0.80% ownership of the company. In it’s prior filing, the firm reported owning 274K shares, representing an increase of 4.79%. The firm increased its portfolio allocation in SSTK by 1.39% over the last quarter.

SVYAX – SIIT U.S. Managed Volatility Fund – holds 5K shares representing 0.01% ownership of the company. No change in the last quarter.

Quadrant Capital Group holds 2K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 1K shares, representing an increase of 5.91%. The firm decreased its portfolio allocation in SSTK by 4.42% over the last quarter.

Shutterstock Declares $0.27 Dividend

On April 18, 2023 the company declared a regular quarterly dividend of $0.27 per share ($1.08 annualized). Shareholders of record as of June 1, 2023 will receive the payment on June 15, 2023. Previously, the company paid $0.27 per share.

At the current share price of $61.68 / share, the stock’s dividend yield is 1.75%. Looking back five years and taking a sample every week, the average dividend yield has been 1.76%, the lowest has been 0.67%, and the highest has been 3.32%. The standard deviation of yields is 0.73 (n=237).

The current dividend yield is 0.02 standard deviations below the historical average.

Additionally, the company’s dividend payout ratio is 0.47. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is 0.59%, demonstrating that it has increased its dividend over time.

Shutterstock Background Information
(This description is provided by the company.)

Shutterstock, Inc. (NYSE: SSTK), directly and through its group subsidiaries, is a leading global provider of high-quality licensed photographs, vectors, illustrations, videos and music to businesses, marketing agencies and media organizations around the world. Working with its growing community of over 1 million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 350 million images and more than 20 million video clips available. Headquartered in New York City, Shutterstock has offices around the world and customers in more than 150 countries. The company’s brands also include Bigstock, a value-oriented stock media offering; Shutterstock Custom, a custom content creation platform; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; and Shutterstock Editorial, a premier source of editorial images and videos for the world’s media.

See all Shutterstock regulatory filings.

This article originally appeared on Fintel

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