On January 31, 2023, Shutterstock (SSTK) declared a dividend hike of 12.5% to $0.27 quarterly per share. This marks the third consecutive year of double digit dividend hikes by SSTK. The next SSTK dividend is payable on March 16, 2023, to stockholders of record at the close of business on March 2, 2023.
The new annual dividend rate of $1.08 per share will yield 1.5% to shareholders at a stock price of $72.30 for Shutterstock. The company now pays an estimated $39 million in dividends annually. Last year SSTK declared a dividend hike of 14.3%.
Shutterstock, Inc. is a global creative platform offering full-service solutions, high-quality content, and applications for brands, businesses, and media companies. Directly and through its group subsidiaries, Shutterstock's collection includes high-quality licensed photographs, vectors, illustrations, 3D models, videos and music. The Company also owns PicMonkey, a leading online graphic design and image editing platform; Offset, a high-end image collection; Shutterstock Studios, an end-to-end custom creative shop; PremiumBeat, a curated royalty-free music library; Shutterstock Editorial, a premier source of editorial images and videos for the world's media; TurboSquid, a leading 3D content marketplace; Amper Music, an AI-driven music platform; and Bigstock, a value-oriented stock media offering. Shutterstock started paying a dividend in 2020.