Finance

Security National announces acquisition

In a release from Globe Newswire that you can read here, Security National Financial Corporation’s wholly owned subsidiary, Memorial Mortuaries and Cemeteries, announced the acquisition of two funeral homes in Utah.  Security National Financial Corporation is a Utah based public company and is engaged in three business segments — life insurance, cemetery and mortuary, and mortgage loans.  They are also engaged in the pre-need selling of funeral, cemetery, mortuary,and cremation services in the Utah and California markets.

The acquisition of Probst Family Funeral & Cremations was announced yesterday.  According to the release, the businesses controlled by the Probst family serve hundreds of families each year in the Hebron Valley area of Utah.  The acquisition will bring Security National’s footprint in the Utah market to ten funeral homes and five cemeteries.

Adam Quist, Vice President of Memorial Mortuaries and Cemeteries is quoted as saying, “We are thrilled with the opportunity to expand our footprint in Utah through the acquisition of Probst Family Funeral and Heber Valley Funeral Home.’

Here is the web-site from Probst Family Funeral & Cremations.

Funeral Director Daily take:  Security National Financial Corporation is certainly not the largest provider of mortuary services across the country.  However, I’ve watched from afar as close as possible to the operations of this public company.  They seem to know what they are doing as they have been voted “Best of State” in Utah.

According to E-Trade the company has a market value of about $79.1 million and thru their various operations totaled about $277.7 million in revenue in 2017.

The death care portion, Memorial Mortuaries and Cemeteries, seems to have good leadership and is relatively small and methodical in their practices.  They seem to know what they are looking for when they do make an acquisition.

One thing that I find interesting about Security National Financial is that their last reported annual earnings per share according to E-Trade was $1.27 and they have about 15.3 million shares outstanding.  That would equate to an annual profit of about $20 million.  It leads me to believe that should they want to grow the death care portion of their business, there is ample financial firepower to do so.

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