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The Pinnacle Investment Management Group Ltd (ASX: PNI) The stock price is in the green today following a market update from the company.
At the time of writing, shares of the investment company rose 6.05% to $8.06 each.
Let’s take a look at what Pinnacle posted on the ASX this morning.
What was in Pinnacle’s ad?
Investors send Pinnacle’s stock price north during midday trading after digesting the latest news from the company.
In the release, Pinnacle said 10 of its affiliates have crystallized performance fees for the 12 months ending June 30.
This totaled approximately $57.1 million, of which $38.3 million came from the second half of FY22.
The net portion of these performance fees, after taxes payable by affiliates on these revenues, is approximately $16.4 million. Again, about $10 million of that amount was earned in the second half of fiscal 2022.
As a result, Pinnacle expects a net return on its major investments of approximately $0.1 million.
This amount includes $3.9 million in “dividends and distributions”, but with a net negative return of $3.8 million on investments (gains/losses on the fair value of financial assets at fair value through of the income statement).
Pinnacle noted that the numbers are preliminary estimates and have yet to be verified.
The audited statements are expected to be released on August 3, along with further information regarding the company’s funds under management and net inflows.
About Pinnacle Stock Price
Despite surging today, Pinnacle’s stock price is down 50% year-to-date. It is also down more than 28% since the same period last year.
The company’s shares declined gradually, hitting a 52-week low of $6.49 in late June. However, they are up 13% over the past week.
For valuation purposes, Pinnacle presides over a market capitalization of around $1.49 billion.