Research Reports

Reports from the Hilliard Lyons research department are available for clients. If you have any questions, please contact your Hilliard Lyons Financial Consultant.

Reports published April 28, 2017

Kite Realty Group Trust  (KRG)

First Quarter Results

Franklin Electric Co., Inc. (FELE)

Disappointing Q1'17 for FELE, but with Qualifiers.

Bristol-Myers Squibb Company  (BMY)

Company Reports Strong Results Led by Key Brands

Reports published April 27, 2017

Renasant Corporation (RNST)

1Q17 Review; Reiterating Neutral Rating

Regal Entertainment Group (RGC)

1Q:  Good Start to 2017

Teradata Corp.  (TDC)

Q1'17 Results and Q2 Guidance Miss Expectations; Transition Weighs on Results

Stock Yards Bancorp, Inc. (SYBT)

Loan Growth Slows, Strong NIM Expansion; Reiterating Underperform on Valuation

Entergy Corporation (ETR)

Company Reports Lower First Quarter Earnings But Reaffirms 2017 Guidance

Simon Property Group, Inc. (SPG)

First Quarter Results

California Water Service Group  (CWT)

Positive Start to 2017 in Q1; Reiterating Neutral Rating.

The Procter & Gamble Co.  (PG)

Mixed 3Q Results; Maintain Long-term Buy Rating

Old National Bancorp  (ONB)

Lower Tax Rate Drives Beat; Upgrading to Neutral on Valuation

Six Flags Entertainment Corp.  (SIX)

Lowering Rating to Neutral Based on Valuation; Yield Remains Attractive

Reports published April 26, 2017

AT&T  (T)

Company Reports Mixed First Quarter Results but Reaffirms 2017 EPS Guidance; Maintain Buy Rating.

Fifth Third Bancorp  (FITB)

1Q17 Review; Reaffirming Neutral Rating

American Water Works Co.  (AWK)

Raising Price Target to $105 on Rollout of 2019 Estimates and Revised Valuation Methodology.

DDR Corp.  (DDR)

First Quarter Results

Eli Lilly & Company (LLY)

A Mixed First Quarter but Dynamics Remain Positive with or without Baricitinib

German American Bancorp, Inc.  (GABC)

Loan Growth Disappoints, but NIM Surprises to the Upside; Downgrading to Underperform

Reports published April 25, 2017

Weingarten Realty Investors (WRI)

First Quarter Results

3M Company (MMM)

1Q'17 Results from MMM; Reiterating Neutral Rating

American Campus Communities, Inc.  (ACC)

First Quarter Results

JAKKS Pacific, Inc.  (JAKK)

1Q Results Below Year Ago Figures

Park National Corporation (PRK)

Misses Street by $0.02; Reaffirming Neutral Rating

Reports published April 24, 2017

Artesian Resources Corp.  (ARTNA)

Revising Estimates Higher on Review of 10-K; Raising Price Target to $41 and Reiterating Long-term Buy.

Republic Bancorp, Inc. (RBCAA)

Strong Easy Advance Loan Production Propels NIM, Tax Refund Income Disappoints; Retaining Neutral Rating

Chevron Corp.  (CVX)

Initiating Coverage with a Neutral Rating.

First Financial Bancorp  (FFBC)

Reports $0.04 Beat on Accounting Change & Provisioning; Reaffirming Neutral Rating

BB&T Corporation  (BBT)

Strong NIM Expansion; Raising to Long-term Buy on Valuation

Reports published April 21, 2017

NextEra Energy  (NEE)

Company Posts Strong 1Q Results; Maintain Long-term Buy and Raise Price Target to $145

Community Trust Bancorp, Inc.  (CTBI)

Loan Growth Accelerates and NIM Improves - Upgrading to Neutral on Valuation

Reports published April 20, 2017

Utilities Monthly

Natural Gas and Water

Verizon Communications (VZ)

Company Reports Disappointing First Quarter Results

Huntington Bancshares Inc.  (HBAN)

NIM Continues to Expand; Reiterating Neutral Rating

eBay  Inc. (EBAY)

Solid Q1 Results, Full Year Guidance Maintained; Changing Opinion to Long-term Buy, Raising PT to $38.50. 

U.S. Bancorp  (USB)

Management Guides to Lower 2017 Loan Gdrowth; Reiterating Neutral Rating 

Closed-End Funds

Monthly Review - (April 2017)

Reports published April 19, 2017

Pinnacle Financial Partners (PNFP)

Loan Growth Accelerates; Reaffirming Neutral Rating

Industrials Monthly

Sector Update


Monthly Update

Reports published April 17, 2017

PNC Financial Services Group, Inc. (PNC)

NIM Surprise to the Upside Helps Drive Beat; Upgrading to Neutral

Reports published April 13, 2017


2017 Q1 Earnings Preview

American Water Works Co. (AWK)

Key Takeaways from April Non-Deal Roadshow.

Reports published April 10, 2017

American Water Works Co. (AWK)

Adjusting Model for Shorelands Acquisition and Review of the Annual 10-K.  Raising Price Target to $86 and Reiterating Long-term Buy Rating.

Reports published April 7, 2017

Investment Perspectives

April 2017

Investment Strategies

April 2017

Hilliard Lyons Research Coverage List

April 2017


April 2017

Equity Highlights

April 2017

Recommended Stocks

April 2017

Buy and Long-term Buy Dividend Ideas

April 2017

Reports published March 30, 2017

ConocoPhillips  (COP)

Signs $13.3B Sale Agreement on Canada Assets

Reports published March 29, 2017

JAKKS Pacific, Inc. (JAKK)

Estimate Update Based on Recent Transaction

Reports published March 27, 2017

GameStop Corp. (GME)

4Q About as Expected but FY17 Guidance Was Weak; Lowering Rating to Neutral, Suitability to 4

Reports published March 22, 2017

Nike, Inc. (NKE)

3Q EPS a Positive Surprise, But Challenges Exist

Neogen Corporation  (NEOG)

3Q17 Not Pretty but Not Concerning Either

Reports published March 20, 2017

Fifth Third Bancorp (FITB)

Revising Estimates for Additional Fed Rate Hikes; Upgrading to Neutral

Reports published March 17, 2017

Simon Property Group, Inc. (SPG)

Rating Change & Estimates Adjustments

Reports published March 16, 2017

GoPro Inc. (GPRO)

GoPro Nails High End of Q1 Guidance Range

3M Company  (MMM)

$2B Agreement to Acquire Scott Safety.

Reports published March 15, 2017

Natural Resource Partners L.P.  (NRP)

Cash Flow Forecast Correction

South Jersey Industries, Inc.  (SJI)

Upgrading Rating to Long-term Buy; $40 Price Target.

WGL Holdings, Inc.  (WGL)

Downgrading to Underperform on Preference for Other Opportunities in the Gas Utility Space.

Reports published March 14, 2017

DDR Corp. (DDR)

Management Changes & Estimate Update

Investors Real Estate Trust  (IRET)

Third Quarter Results

Connecticut Water Service, Inc.  (CTWS)

Q4'16 Results for CTWS; Reiterating Neutral Rating

Reports published March 13, 2017

Verifone Systems Inc.  (PAY)

Verifone Beats Q1'17 Consensus View; Reiterating Outlook; Increasing Price Target

Urstadt Biddle Properties, Inc.  (UBA)

First Quarter Results

Reports published March 10, 2017

Approach Resources, Inc. (AREX)

Q4'16 Volume -17%, Pricing -19% Yr/Yr; Maintain Rating

Reports published March 9, 2017

Rex Energy Corp.  (REXX)

Q4'16 Volume +12% Yr/Yr, Pricing -6%; Adjust Production and Cash Flow Forecasts

Artesian Resources Corp.  (ARTNA)

Beat in Q4 Caps Strong Year at ARTNA; Reiterating Long-term Buy and Raising Price Target by 6%.

Reports published March 8, 2017

Alphabet Inc. (GOOGL)

Updating Reporting to Incorporate GAAP Results

York Water Company  (YORW)

Q4'16 Results for YORW; Reiterating Underperform Rating on Valuation.

Linear Technology Corp.  (LLTC)

Terminating Coverage:  Analog Devices Set to Close on Acquisition of Linear Technology.

Reports published March 7, 2017

Natural Resource Partners L.P.  (NRP)

Q4'16 Results Remain Mixed; Balance Sheet Transactions Close

Reports published March 6, 2017

Chesapeake Utilities Corp. (CPK)

Revising Estimates Higher on Review of 10-K; Raising Price Target to $81 and Reiterating Long-term Buy.

Kroger Co. (KR)

Decent 4Q Results, But Environment Becoming More Challenging; Moving to LT Buy

Reports published March 2, 2017

Whitestone REIT (WSR)

Fourth Quarter Results

Churchill Downs Incorporated (CHDN)

4Q Pros and Cons; Maintain Neutral Rating Due to Valuation

Fifth Third Bancorp (FITB)

Tweaking Estimates; Downgrading to Underperform on Valuation

Reports published March 1, 2017

PDC Energy (PDCE)

Q4 Volume +33%, Pricing +24% Yr/Yr, Acquisiton Contributing; Raise Rating to Long-term Buy

Aegion Corporation (AEGN)

Reiterating Buy Rating on Better Than Expected Q4'16 at AEGN; Momentum Into 2017.

Triangle Capital Corporation (TCAP)

Announces Common Stock Offering - Reaffirming Neutral Rating

Reports published February 28, 2017

Care Capital Properties, Inc. (CCP)

Q4 Earnings Update

Chesapeake Utilities Corp. (CPK)

Strong Q4'16 from CPK; Reiterating Long-term Buy Rating and $75 Price Target.

Frontier Communications (FTR)

Revenue Pressures Persist; Lowering Suitability Rating to 4

Connecticut Water Service, Inc. (CTWS)

CTWS Closes on Heritage Village Water Company.

Reports published February 27, 2017

Northwest Natural Gas Co. (NWN)

Mixed Q4'16 Caps Transition Year at NWN

Reports published February 24, 2017

Physicians Realty Trust (DOC)

Q4 Earnings Highlights

Natural Resource Partners L.P. (NRP)

Balance Sheet Strengthened; Potential for Longer-term Equity Dilution

First Potomac Realty Trust  (FPO)

Fourth Quarter Results

Vectren Corporation (VVC)

Company Reports Strong 2016 Results and Raises Long-term Earnings and Dividend Growth Guidance

South Jersey Industries, Inc. (SJI)

In Line Q4'16 Results to Punctuate a Year of Transition; Reiterating Neutral Rating.

Triangle Capital Corporation  (TCAP)

Investment Activity Accelerates - Reaffirming Neutral Rating


ANSS Reports Solid Q4'16 Results, FY'17 Guidance Conservative; New Share Buyback

Reports published February 23, 2017

California Water Service Group (CWT)

Upside Surprise in Q4 to Cap a Wild Year; Reiterating Neutral Rating but Positive Themes Intact for 2017.

Southern Company (SO)

Company Reports Solid Fourth Quarter Results and Introduces 2017 Earnings Guidance

FirstEnergy (FE)

Company Posts Fourth Quarter Results and Revises 2017 Guidance

LTC Properties, Inc. (LTC)

Q4 Conference Call Discussion

NiSource Inc. (NI)

Company Reports Solid Fourth Quarter Results and Reaffirms 2017 Earnings Guidance

Aqua America, Inc. (WTR)

Q4 Punctuates Another Year of Subdued Growth;  Reiterating Underperform Rating.

ONE Gas, Inc. (OGS)

Good Q4'16 Results; Reiterating Neutral Rating, but Looking Forward to an Entry Point.

LTC Properties, Inc.  (LTC)

Q4 Earnings Overview

Reports published February 22, 2017

Welltower, Inc. (HCN)

Fourth Quarter a Little Worse Than Expected

Gladstone Land Corp. (LAND)

Conference Call Discussion

American Water Works Co. (AWK)

Q4 Results from AWK.  Reiterating LTB Rating.

Gladstone Land Corp. (LAND)

Q4 Results Equal Our Estimate.

Reports published February 21, 2017

Bristol-Myers Squibb Company (BMY)

Accelerated Share Repurchase Program Announced in Addition to Board Changes

Education Realty Trust (EDR)

Fourth Quarter Results

Consolidated Edison (ED)

Company Reports Higher Fourth Quarter, Full-Year Results and Introduces 2017 Guidance

Delta Natural Gas Company (DGAS)

Company to be Acquired for $30.50 Per Share in Cash

The J.M. Smucker Company (SJM)

3Q Results Were A Bit Light, In Our View

Franklin Electric Co., Inc. (FELE)

FELE Ends 2017 with Strong Q4 Report; Reiterating Neutral Rating.

Ameren Corp. (AEE)

AEE Reports Solid 2016 Earnings and Introduces 2017 Guidance

SoTHERLY Hotels Inc. (SOHO)

Fourth Quarter Results

Reports published February 17, 2017

National Health Investors, Inc.  (NHI)

Q4 Earnings Update

TripAdvisor Inc. (TRIP)

TRIP Reports Weak Q4 Results; Outlook Remains Pressured

Duke Energy (DUK)

Company Reports Solid Fourth Quarter Results and Introduces 2017 Guidance

Reports published February 16, 2017

Healthcare Realty, Inc. (HR)

Conference Call Update

Cedar Fair Entertainment Co. (FUN)

Good 4Q Results; Raising Price Target

Gladstone Commercial Corp.  (GOOD)

Conference Call Discussion

Healthcare Realty Trust (HR)

Fourth Quarter Earnings Highlights

Gladstone Commercial Corp.  (GOOD)

Fourth Quarter Earnings

Reports published February 15, 2017

Cincinnati Bell (CBB)

CBB Reports Solid Fourth Quarter Results; Company Introduces 2017 Guidance

Tanger Factory Outlet Centers, Inc. (SKT)

Fourth Quarter Results

 Reports published February 14, 2017

DDR Corp.  (DDR)

Fourth Quarter Results

Meridian Bioscience   (VIVO)

Tweaking Estimates After 10-Q Review and Discussion with Management

Reports published February 13, 2017

Cerner Corp. (CERN)

Cerner Reports Inline Q4'16 Results; Outlook Reduced; Cutting Long Term Price Target to $64 to $70

HCP, Inc.  (HCP)

Fourth Quarter Conference Call Highlights

            HCP, Inc.  (HCP)

Fourth Quarter Earnings Highlights

            Activision Blizzard  (ATVI)

Strong 4Q Results; 2017 Guidance Underwhelms; We Suggest Taking Some Profits. Rating Reduced to Underperform.

Reports published February 10, 2017

Ventas, Inc.  (VTR)

Fourth Quarter Earnings

WWE, Inc.  (WWE)

Solid 4Q Results; Encouraging 2017 Outlook

Landauer Inc.  (LDR)

Revenue Beat Delivered by Military Sales and Solid International Results

Gladstone Capital Corp.  (GLAD)

F1Q17 Review - Downgrading to Underperform on Valuation

Reports published February 9, 2017

Omega Healthcare Investors  (OHI)

Q4 Earnings Update

Take-Two Interactive (TTWO)

Strong Fiscal 3Q Results; Neutral Rating Based on Valuation

Omega Healthcare Investors (OHI)

Q4 Conference Call Discussion

WGL Holdings (WGL)

Q1'17 Results from WGL; Reiterating Neutral Rating

Reports published February 8, 2017

New Jersey Resources Corp. (NJR)

Timing Drives Lower Q1'17 Results for NJR; Full Year Expectations Intact.  Maintaining Neutral Rating.

Walt Disney Company (DIS)

Lower 1Q Results But Ahead of Expectations; Raising Price Target Based on Earnings Outlook.

Midwest Bank Quarterly

4Q16 Review

Multi-Color Corp.  (LABL)

Mixed Fiscal Q3'17 Shows Growth but Misses Expectations

Atmos Energy Corporation  (ATO)

Fiscal Q1’17 Results from ATO; Reiterating Neutral Rating

Gladstone Investment Corporation (GAIN)

Higher Expenses Drive Miss -- Reaffirming Neutral Rating