Welcome to our dedicated page for Security National Financial Co news (Ticker: SNFCA), a resource for investors and traders seeking the latest updates and insights on Security National Financial Co stock.
Security National Financial Corp operates in three main business segments: life insurance, cemetery and mortuary, and mortgage loans. Each segment contributes to the overall profitability of the company. The life insurance segment sells and services life insurance, annuity products, and accident and health insurance. The cemetery and mortuary segment includes mortuaries and cemeteries in Utah and California. The mortgage loan segment originates and underwrites residential and commercial loans. The company actively seeks growth through acquisitions and expanding its mortgage operations.
Security National Financial (NASDAQ: SNFCA) reported strong financial results for Q2 2024. After-tax earnings increased by 15% to $7,272,000 for the quarter and 94% to $14,746,000 for the first half of 2024. The company's diverse business segments showed mixed performance:
- Life Insurance: Revenue down 1.7%, earnings before taxes down 21.8% for Q2
- Cemeteries/Mortuaries: Revenue down 6.1%, earnings before taxes down 26.1% for Q2
- Mortgages: Revenue up 12.3%, returned to profitability with $134,000 earnings before taxes for Q2
Overall, total revenue increased by 2.3% to $85,791,000 for Q2. Net earnings per share reached $0.62 for the first half of 2024, compared to $0.32 in 2023. Book value per share stood at $13.91 as of June 30, 2024.
Security National Financial (NASDAQ: SNFCA) announced a 5% stock dividend on June 21, 2024, to be distributed to shareholders of record on July 5, 2024. The dividend will be issued on July 12, 2024. CEO Scott Quist highlighted that this marks the 36th consecutive year of declaring a stock dividend, which offers shareholders options for long-term appreciation or cash flow through potential share sales.
Security National Financial (SNFCA) announced a new Loyalty Sales Division within Security National Life Insurance (SNL). This division, in partnership with Latinos Unidos, focuses on versatile final expense plans. A highlight is the Loyalty Family Support Plan, offering a dedicated funeral concierge service. This expansion aims to enhance SNL's presence in the final expense market.
Security National Financial (SNFCA) reported significant financial improvements for Q1 2024. Earnings before tax surged by 507%, reaching $9.6M, up from $1.6M in Q1 2023. Revenue grew by 2% to $81.2M. The company attributed the earnings increase to an 8% reduction in total expenses, particularly in selling, general, and administrative costs. The Insurance and Memorial Segments saw revenue growth of 7%, while investment income rose by 12%. The Mortgage Segment reduced its year-over-year loss by 50%. Net earnings per share increased to $0.33 from $0.05, and book value per share rose to $14.40. CEO Scott Quist praised the team's efforts, emphasizing the need for continued focus on top-line revenue growth.
FAQ
What is the current stock price of Security National Financial Co (SNFCA)?
What is the market cap of Security National Financial Co (SNFCA)?
What are the main business segments of Security National Financial Corp?
How does each business segment contribute to the company's profitability?
What does the life insurance segment offer?
Where are the mortuaries and cemeteries of Security National Financial Corp located?
What types of loans does the mortgage loan segment handle?
How does Security National Financial Corp pursue growth?
Where does Security National Financial Corp primarily operate?
What is the company's revenue source?
What is the strategic approach of Security National Financial Corp?
How does the company's structure promote profitability?
What sets Security National Financial Corp apart in the industry?
