BofA update shows where active managers are putting money
Security National Financial Corporation (NASDAQ:SNFCA), a $232 million market cap company trading near its InvestingPro Fair Value, held its annual meeting of stockholders Friday in Salt Lake City, Utah, according to a press release statement based on a recent SEC filing. The company maintains a strong financial health score of "GOOD" according to InvestingPro analysis.
At the meeting, stockholders elected nine directors to the board. Scott M. Quist, Robert G. Hunter M.D., and Jason G. Overbaugh were elected by Class A common stockholders voting separately. Shital A. Mehta, John L. Cook, S. Andrew Quist, Gilbert A. Fuller, Adam G. Quist, and H. Craig Moody were elected by both Class A and Class C common stockholders voting together. The company has demonstrated solid financial performance, with InvestingPro data showing profitable operations over the last twelve months and liquid assets exceeding short-term obligations.
Shareholders also approved an amendment to the company’s 2022 Equity Incentive Plan, authorizing the issuance of an additional 3,000,000 shares of Class A and Class C common stock, with a maximum of 500,000 shares of Class C common stock permitted under the plan.
Additionally, the appointment of Deloitte & Touche, LLP as Security National Financial’s independent registered public accountants for the fiscal year ending December 31, 2025, was ratified.
As of April 21, 2025, the record date, there were 21,324,826 shares of Class A common stock and 3,417,170 shares of Class C common stock outstanding. A quorum was achieved, with 19,756,812 shares represented in person or by proxy at the meeting.
Voting results for director elections and proposals reflected the weighted voting rights of Class C shares, which carry ten votes per share.
The information in this article is based on a press release statement and details from a recent SEC filing. For deeper insights into SNFCA’s financial health and performance metrics, including exclusive ProTips and comprehensive analysis, visit InvestingPro, where you’ll find detailed research reports and advanced financial metrics.
In other recent news, Security National Financial Corporation reported a substantial drop in its Q1 2025 earnings, with after-tax earnings decreasing by 42% from the previous year, amounting to $4.3 million. The decline was attributed mainly to reduced investment income and increased expenses, including higher personnel costs and a larger bad debt reserve. Despite these challenges, the company saw an 11% increase in mortgage segment volume, outperforming the national average, and a 14% improvement in insurance segment premium margins. Analysts did not provide any upgrades or downgrades for the company, but the firm remains optimistic about its strategic investments in talent and capabilities, which are expected to drive long-term growth. Security National Financial is also preparing for significant changes in life insurance reserve reporting, which may affect future financial outcomes. The company has set earnings per share forecasts for 2025 and 2026 at $1.03 and $1.05, respectively, with revenue projections of $346.23 million and $353.16 million.
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