Exploring Security National Financial Corporation (SNFCA) Investor Profile: Who’s Buying and Why?

You're looking at Security National Financial Corporation (SNFCA) and wondering why the smart money is moving, especially after a tough Q3. The story isn't just about the headline drop in after-tax earnings to $7.8 million for the quarter ended September 30, 2025, a steep 34% decline from the year prior. The real question is, what are the institutional players seeing that keeps them buying? With institutional ownership sitting at roughly 45.6%, it's clear a significant portion of the stock is held by sophisticated investors. Why are firms like BlackRock, Inc., which added a massive 552,008 shares in Q2 2025, or JPMorgan Chase & Co., which increased its position by 12.0% in Q3, still interested in a company trading around $8.30 a share when the book value per common share is a robust $14.79?

Are they betting on the company's annualized Return on Equity (ROE) hitting 10.5%, or are they seeing beyond the temporary dip in the Life Insurance segment? We'll map out the shareholder landscape, from the Security National Financial ESOP holding 15.22% to the strategic accumulation by major asset managers, to give you a defintely clear picture of who is buying and what their long-term thesis must be.

Who Invests in Security National Financial Corporation (SNFCA) and Why?

The investor base for Security National Financial Corporation (SNFCA) is a mix of value-focused institutions and long-term, income-oriented retail holders, drawn to the company's low valuation and consistent stock dividend policy. You're looking at a classic value play here: a company trading at a Price-to-Book (P/B) ratio of just 0.60 and a Price-to-Earnings (P/E) ratio of 9.25 as of November 2025, suggesting the market believes it is significantly undervalued compared to the Finance sector average P/E of about 21.29.

The core attraction is the dual business model-Life Insurance and Cemeteries/Mortuaries-which offers stable, counter-cyclical cash flows, even as the Mortgage segment struggles. Honestly, the stock's valuation is the immediate, clear signal.

Key Investor Types: The Institutional and Insider Split

Institutional investors, including major asset managers, hold a significant portion of Security National Financial Corporation's stock, but the ownership structure is notable for its large insider and employee presence. The company's Employee Stock Ownership Plan (ESOP) alone holds a substantial 15.22% of shares, which acts as a powerful, long-term anchor.

Beyond that, you see the big players: BlackRock, Inc. is a top institutional holder, increasing its position by a massive 293.4% in Q2 2025 to hold 740,172 shares. This kind of move from a firm like BlackRock, Inc. signals confidence in a long-term turnaround or a deep-value opportunity. Other major institutional holders include The Vanguard Group, Inc. and Dimensional Fund Advisors LP.

For every major buyer, there's a seller, of course. In the most recent quarter, 36 institutional investors added shares, while 33 decreased their positions, showing a healthy, albeit mixed, debate among professionals about the near-term outlook.

Investment Motivations: Income and Deep Value

The primary motivation for holding Security National Financial Corporation is a blend of income and a belief in the inherent value of its assets, especially its book value. The company's dividend yield is a huge factor, sitting at an annualized 5.95% based on the July 2025 cash dividend of $0.474 per share. This yield is more than double the Financial Services sector average of 2.88%.

Plus, the company has a 37-year history of declaring a stock dividend, including the 5% stock dividend authorized in June 2025. This dual dividend approach-cash for immediate income and stock for compounding appreciation-is a magnet for income-focused and retirement-minded investors. The book value per share, which rose to $14.35 as of June 30, 2025, is another key metric, sitting far above the recent stock price of $8.27.

Here's the quick math: you're buying a dollar of book value for only about 60 cents. That's a classic value investor's dream.

• Buy book value at a 40% discount (P/B of 0.60).
• Collect a high dividend yield of 5.95%.
• Bet on the Life Insurance segment's Q2 2025 revenue growth of 9.1%.

Investment Strategies: Long-Term Value and Income

The typical strategies seen among Security National Financial Corporation investors are overwhelmingly long-term, rooted in the principles of value investing (buying assets cheaply) and income generation. Short-term trading is less prevalent; the short interest on the float is low at only 1.65%.

Value Investing: The low P/E of 9.25 and P/B of 0.60 are the flashing lights for value investors. They are betting that the market is overreacting to the Q3 2025 net earnings decline of 33% and the $1.7 million loss in the Mortgage segment, and that the underlying value of the Life Insurance and real estate assets will eventually be recognized.

Long-Term Holding/Income: This is the strategy of the dividend investor. They are willing to ride out the volatility in the Mortgage segment for the sake of the high dividend yield and the compounding effect of the annual stock dividend. The CEO even stated the stock dividend offers options for 'long-term appreciation or cash flow,' directly endorsing this strategy. If you want to dive deeper into the company's fundamentals, you can check out Breaking Down Security National Financial Corporation (SNFCA) Financial Health: Key Insights for Investors.

What this estimate hides is the risk in the Mortgage segment, which posted a loss of $1.7 million in Q2 2025, a significant swing from the prior year. Still, the long-term investors are focused on the resilience of the Life Insurance business, which saw revenues rise to $51.5 million in Q2 2025.

Institutional Ownership and Major Shareholders of Security National Financial Corporation (SNFCA)

If you're looking at Security National Financial Corporation (SNFCA), the first thing to understand is that institutional money already holds a significant stake, owning approximately 45.58% of the company's stock. This is a strong signal, especially for a small-cap company, because it suggests that professional investors-the smart money-have done their due diligence and see long-term value here. The ownership structure is a mix of internal employee plans, dedicated investment advisors, and the massive index fund players.

The total institutional value in SNFCA is substantial, reflecting a collective belief in the company's diversified business model across life insurance, cemetery, and mortuary services. The top shareholders are not just passive funds; they include firms that specialize in smaller, value-oriented companies. Here's a look at the largest reported institutional holders as of mid-2025 filings:

Notice that the Security National Financial ESOP (Employee Stock Ownership Plan) is the largest single holder. This high level of employee ownership, combined with a significant insider ownership of 29.65%, aligns management and employee interests defintely with the long-term health of the stock. It's a powerful internal incentive. You can read more about the company's financial stability in Breaking Down Security National Financial Corporation (SNFCA) Financial Health: Key Insights for Investors.

Recent Ownership Shifts: Who's Buying and Selling?

When you look at institutional ownership, the trend is more important than the snapshot. While the most recent full net change for the third quarter of 2025 is still being compiled from all 13F filings, we have seen consistent buying activity from key players in the preceding period. This is a critical factor, especially as the company navigates a mixed financial environment.

For example, firms like Soltis Investment Advisors LLC and M3F Inc. have been among the most significant institutional buyers over the last two years, accumulating substantial volumes of shares. This buying trend suggests a conviction in the underlying value of the company, even as the Q3 2025 earnings report showed a 34% decrease in after-tax earnings to $7,815,000 compared to the previous year. Their continued accumulation suggests they are focusing on the long-term, diversified resilience, which includes the profitable Life Insurance segment and the return to profitability for the Mortgage segment in Q3 2025.

The presence of passive giants like The Vanguard Group, Inc. and BlackRock, Inc. is also important. Their positions, holding 3.17% and 2.99% respectively, are largely due to their index-tracking strategies (like the Vanguard Total Stock Market ETF). This passive ownership provides a stable, long-term floor for the stock, reducing volatility and adding essential liquidity to the market. This stability helps in times of market uncertainty.

The Institutional Investor Impact on SNFCA's Strategy

The role of these large investors goes beyond just stock price support. For a small-cap like Security National Financial Corporation, high institutional ownership-nearly half the float-translates directly into better corporate governance and financial stability.

• Better Oversight: Institutions act as sophisticated monitors, engaging with management to improve performance and reduce agency problems.
• Informed Price Discovery: Their deep research resources lead to a more informed valuation of the stock, which is why high institutional ownership is often seen as an indicator of good value.
• Strategic Influence: Active managers, like Soltis, can influence capital allocation. Given the Q3 2025 results highlighted a focus on strategic investments and operational efficiencies, these investors are likely pushing for continued strength in the Life Insurance segment and a steady turnaround in the Mortgage business.

The bottom line is that institutional backing provides a layer of confidence. When you see firms like BlackRock and Vanguard holding a position, it adds credibility and liquidity, which are two things every investor wants. The next step is to monitor the Q4 2025 filings to see if the recent mixed earnings data prompted any significant shift in their positions.

Key Investors and Their Impact on Security National Financial Corporation (SNFCA)

You want to know who is buying Security National Financial Corporation (SNFCA) and why. The direct answer is that the company's ownership structure is a unique blend of institutional funds seeking small-cap value and a dominant, long-term insider base, which is the real power center.

As of late 2025, institutional investors-the big funds like BlackRock, Inc. and Vanguard Group Inc.-own roughly 45.6% of the stock. That's a significant chunk, but it is not the majority. The real story here is the controlling stake held by the company's employee stock ownership plan (ESOP) and the founding family.

The Insider Anchor: ESOP and the Quist Family

The largest single shareholder is the Security National Financial Employee Stock Ownership Plan (ESOP), which holds a powerful 15.22% stake, representing 3,762,921 shares as of March 30, 2025. This is a critical point: the employees and management are the primary owners, aligning their long-term interests with the company's success. This structure is a powerful defense against short-term activist pressure.

The Quist family, through various trusts and partnerships, also holds a substantial, long-term position. For example, the George R. Quist & Shirley C. Quist Family Partnership, Ltd. holds 8.89% of the shares, or 2,196,809 shares, as of March 30, 2025. When the family that runs the business-like President Scott M. Quist-is also a major shareholder, company decisions defintely prioritize stability over quick financial engineering.

• ESOP and family holdings create a stable, long-term focus.
• Their combined stake limits the influence of outside institutional investors.
• Stock dividends, like the 5% stock dividend declared in June 2025, are a direct action favoring long-term shareholders.

Institutional Buyers: Who's In and Who's Out

The institutional investor profile is dominated by asset managers and investment advisors, suggesting they view SNFCA as a small-cap value play. These funds are generally passive, buying the stock because it fits their quantitative models or index mandates, not to force a strategic change. Here's a snapshot of the top institutional holders as of mid-2025:

Here's the quick math: the top five institutional holders control about 29.13% of the company. That's a serious investment, but it's still less than the combined ESOP and family stake, which is why you don't see the public drama of an activist campaign.

Recent Trading: A Flurry of Q2 2025 Moves

Looking at the recent 13F filings from the second quarter of 2025, there was some notable activity. BlackRock, Inc., for instance, made a massive move, adding 552,008 shares, which was a jump of over 293% to their portfolio. This kind of large-scale buying from a behemoth like BlackRock, Inc. suggests a strong conviction in the stock's valuation or a significant re-weighting in their index funds.

But it wasn't all buying. Hedge funds showed a more volatile pattern. MILLENNIUM MANAGEMENT LLC, for example, had a large increase in Q1 2025, adding 143,581 shares, but then turned around and removed 233,112 shares in Q2 2025. This shows the typical short-term trading nature of hedge funds compared to the long-term, passive accumulation by firms like Vanguard Group Inc. and BlackRock, Inc.

The institutional buying is a vote of confidence in the company's diversified business model-Life Insurance, Cemetery and Mortuary, and Mortgage-even with Q3 2025 after-tax earnings dropping 34% year-over-year to $7,815,000. They are betting on the long-term Return on Equity (ROE), which was 7.9% for the nine months ended September 30, 2025, and is expected to annualize to 10.5%.

If you want to understand the strategic thinking behind the company's direction, you should review their Mission Statement, Vision, & Core Values of Security National Financial Corporation (SNFCA).

Next Step: Review the Q3 2025 earnings call transcript to understand management's commentary on the Life Insurance segment's weak performance, which was a key driver of the earnings drop, and look for any forward-looking statements that might signal a shift in capital allocation.

Market Impact and Investor Sentiment

You're looking at Security National Financial Corporation (SNFCA) and wondering who's buying, who's selling, and what that signals for your portfolio. The quick takeaway is that while Wall Street analysts are taking a cautious stance, the people who know the company best-the insiders-are defintely showing strong conviction, which creates a fascinating, mixed-signal investment profile.

Insider sentiment is a critical indicator here. As of late 2025, insiders collectively own a substantial portion of the company, with insider ownership sitting at around 26.96% of the float. The sentiment score for insiders is explicitly Positive, driven by recent acquisitions from at least seven different executives and directors. They are putting their own capital to work, and that's a powerful vote of confidence you can't ignore.

Institutional Buying vs. Analyst Caution

Institutional investors, the big money managers like BlackRock, Inc. and The Vanguard Group, Inc., hold significant stakes, but their collective action is more nuanced than the insiders'. Institutional ownership is around 45.6%. We've seen recent increases from firms like JPMorgan and Ameriprise Financial, Inc., suggesting some large players are adding to their positions.

Here's a snapshot of the top institutional holders, showing the sheer size of their commitment as of mid-2025:

• M3F Inc.: Holds up to 9.02% of shares.
• The Vanguard Group, Inc.: Holds up to 3.17% of shares.
• Dimensional Fund Advisors LP: Holds up to 3.11% of shares.
• BlackRock, Inc.: Holds up to 2.99% of shares.

Still, the average Wall Street analyst rating remains a 'Hold'. Why? Because the company's recent earnings have been a mixed bag, which keeps the professional consensus neutral. The market is waiting for a clear, sustained operational uptrend before upgrading its view.

Market Response to Q3 2025 Performance

The stock market's reaction to the Q3 2025 earnings, reported in November 2025, was muted and slightly negative, reflecting the drop in net earnings. Security National Financial Corporation's stock saw a slight decrease of 0.3% following the news, closing at $8.27. This is a classic case of a stock being priced for perfection, and a slight miss causes a small pullback.

Here's the quick math on why the market reacted this way:

The company's total revenues increased, which is great, but net earnings fell sharply, largely due to increased benefits and expenses. CEO Scott Quist acknowledged the quarter was 'definitely weak' from a net income perspective, but he also highlighted bright spots like the annualized Return on Equity (ROE) reaching 10.5% as of September 30, 2025.

The Investment Thesis: Value and Resilience

The underlying reason certain investors are buying is a clear bet on value and the company's diversified structure. The stock is considered undervalued, trading about 36% below its 52-week high of $12.94. The book value per common share sits at a healthy $14.79 as of September 30, 2025.

This gap between the stock price and book value is what value investors look for. They see a resilient business-spanning life insurance, cemeteries/mortuaries, and mortgages-that can weather market volatility, even if one segment, like the Mortgage division which posted a $1.7 million loss in Q2 2025, is struggling. The Life Insurance segment, for example, is showing resilience with revenues up 9.1% to $51.5 million in Q2 2025.

The major investors are betting that the long-term value, supported by a strong balance sheet and strategic real estate investments, will eventually close the price-to-book value gap. You can get a better sense of their long-term view by reviewing the company's core principles: Mission Statement, Vision, & Core Values of Security National Financial Corporation (SNFCA).

Finance: Track the stock's price-to-book multiple against peers over the next quarter to see if the value gap starts to close.