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 August 16, 2017

Southeast Bank Quarterly

2Q17 Review

Reports published August 15, 2017

VMware Inc.  (VMW)

Positive Preliminary Q2 Results, Improved Full Year Guidance, Expanded Buyback; Raising PT to $124

Kentucky Bank Quarterly

2Q17 Review

Reports published August 14, 2017


Monthly Update

Closed-End Funds

Monthly Review (August-17)

Reports published August 11, 2017

American Campus Communities, Inc. (ACC)

Upgrading to Neutral

Investment Perspectives

August 2017

Investment Strategies

August 2017: Are the Winds of Antitrust Changing?

Hilliard Lyons Research Coverage List

August 2017


August 2017

Equity Highlights

August 2017

Recommended Stocks

August 2017

Buy and Long-term Buy Dividend Ideas

August 2017

Rex Energy Corp (REX).

Q2’17 Volume -11%, Pricing +5% Yr/Yr; Adjust Production and Cash Flow Forecasts

Reports published August 10, 2017

Natural Resource Partners L.P.  (NRP)

Q2'17 Results Mixed; Balance Sheet Improved

LTC Properties, Inc.  (LTC)

Q2 Conference Call Discussion

TripAdvisor Inc.  (TRIP)

TripAdvisor Beats Q2 Expectations; Adjusting Outlook & Price Target

LTC Properties, Inc.  (LTC)

Q2 Earnings Overview

Reports published August 9, 2017

Landauer, Inc.  (LDR)

Solid Quarter but Weak Quarter Ahead; Trends Positive but Shares Remain Expensive, Reiterate Underperform

National Health Investors, Inc.  (NHI)

Conference Call Update

Old National Bancorp  (ONB)

Announces Acquisition of Anchor Bancorp, Inc.:  Reaffirming Neutral Rating

The Walt Disney Company  (DIS)

3Q EPS Decline Overshadowed By Major Changes to Content Distribution Strategy

Gladstone Land Corp.  (LAND)

Conference Call Discussion

National Health Investors, Inc.  (NHI)

Second Quarter Earning Highlights

Zoetis Inc.  (ZTS)

Solid But Not Superb Quarter; Prospects Remain Bright

Gladstone Land Corp.  (LAND)

Q2 Results Equals Our Estimate

Reports published August 8, 2017

PDC Energy  (PDCE)

Q2 Volume +54%, Pricing -11% Yr/Yr; Raise Estimates

Connecticut Water Service, Inc.  (CTWS)

Q2'17 Results frrom CTWS; Reiterating Neutral Rating

Sotherly Hotels Inc.  (SOHO)

Second Quarter Results

 Multi-Color Corporation  (LABL)

Down Fiscal Q1'18 for LABL, but as Expected; Reiterating Neutral Rating

Reports published August 7, 2017

Vectren Corporation (VVC)

Company Reports Positive Second Quarter Results and Reaffirms 2017 Guidance

Ameren Corp.  (AEE)

AEE Reports Higher Second Quarter Earnings and Raises 2017 Guidance

Cincinnati Bell  (CBB)

CBB Reports Solid Second Quarter Results; Company Makes Two Acquisitions

GoPro Inc.  (GPRO)

Strong Q2 Results; Better Than Expected Guidance

Activision Blizzard, Inc.  (ATVI)

Impressive 2Q Results But Valuation Remains Rich

Reports published August 4, 2017

South Jersey Industries, Inc.  (SJI)

Quiet Q2'17 from SJI; Reiterating Long-term Buy

Consolidated Edison  (ED)

Company Reports Solid Second Quarter Results and Raises the Low End of 2017 Earnings Guidance

Triangle Capital Corporation  (TCAP)

Disappointing Quarter; Possible Dividend Cut - Downgrading to Neutral

WGL Holdings, Inc.  (WGL)

Q3'17 Results from WGL; Reiterating Underperform

Chesapeake Utilities Corp.  (CPK)

Miss to Q2'17 EPS at CPK, but Thesis Intact

Duke Energy  (DUK)

Company Reports Solid Second Quarter Results and Reaffirms 2017 Guidance

CBL & Associates Properties, Inc.  (CBL)

Second Quarter Results; Adjusting Suitability Rating

Take-Two Interactive Software, Inc.  (TTWO)

Strong 1Q Results; Valuation Remains an Issue


ANSYS Reports Strong Q2'17 Results & Raises FY Guidance

PPL Corporation  (PPL)

Company Reports Solid Second Quarter Earnings and Reaffirms 2017 Guidance

Entergy Corporation  (ETR)

Company Reports Lower Second Quarter Earnings but Reaffirms 2017 Guidance

The York Water Company  (YORW)

Q2'17 Results for YORW; Reiterating Underperform

Gladstone Capital Corp.  (GLAD)

F3Q17 Review - Reaffirming Neutral Rating

Physicians Realth Trust  (DOC)

Q2 Earnings Highlights

Aqua America, Inc.  (WTR)

Quiet Q2 at WTR; Reiterating Underperform Rating

Reports published August 3, 2017

Dominion Energy (D)

Company Reports Solid Second Quarter Results and Reaffirms 2017 Earnings Guidance

Southern Company (SO)

More Clarity on Kemper and Vogtle Projects

Electronic Arts Inc.  (EA)

Good Start to FY18; Neutral Rating Based on Stock Valuation

Atmos Energy Corp.  (ATO)

Fiscal Q3'17 Results from ATO; Reiterating Neutral Rating and Initiating 2019 Estimates

German American Bancorp, Inc. (GABC)

Loan Growth Accelerates; Reaffirming Neutral Rating

GGP Inc.  (GGP)

Second Quarter Results

Healthcare Realty, Inc.  (HR)

Conference Call Update

Approach Resources, Inc.  (AREX)

Q2'17 Volume -6%, Realized Pricing +11% Yr/Yr; Maintain Rating

Whitestone REIT  (WSR)

Second Quarter Results

NiSource Inc.  (NI)

Company Reports Higher Second Quarter Results and Raises 2017 Earnings Guidance

Apple Inc.  (AAPL)

Apple Reports Strong Global Sales & Provides Solid Guidance

Frontier Communications (FTR)

We Are Lowering Our Rating to Underperform Due to Ongoing Customer Losses and Revenues Declines

Cedar Fair Entertainment Co.  (FUN)

2Q Results Up, But a Bit Below Our Expectation

Artesian Resources Corp.  (ARTNA)

Q2'17 Results, Reiterating Neutral

American Water Works Co.  (AWK)

Rare Miss from AWK in Q2'17, but Thesis Unchanged; Reiterating Long-term Buy Rating.

Healthcare Realty, Inc.  (HR)

Second Quarter Earnings Highlights

Frontier Communications (FTR)

Downgrading to Underperform from Neutral

Hillenbrand, Inc. (HI)

Good Q3’17 Results from HI; Reiterating Neutral

Reports published August 2, 2017

Aegion Corporation  (AEGN)

Miss in Q2'17 and Another Round of Restructuring, but Forward Outlook Somewhat Resilient.

Northwest Natural Gas Co.  (NWN)

Q2'17 Results from NWN; Reiterating Underperform Rating and $50 Price Target.

Gladstone Investment Corporation  (GAIN)

F1Q18 Review - Reaffirming Neutral Rating

Tanger Factory Outlet Centers, Inc.  (SKT)

Second Quarter Results

New Jersey Resources Corp.  (NJR)

Q3'17 Results for NJR; Initiating 2019 Estimates.

Spire Inc. (SR)

Strong Q3'17 from SR; Raising Price Target to $90 and Initiating 2019 Estimates

HCP, Inc. (HCP)

Second Quarter Conference Call Highlights

Reports published August 1, 2017

Alliance Resource Partners L.P.  (ARLP)

Q2'17 Volume +6%, Pricing -15%, Costs -12%; General Partner Interest & IDRs Eliminated

Chesapeake Utilities Corp.  (CPK)

Cautious Ahead of Q2'17 Results for CPK, but Raising Price Target to $97 and Initiating 2019 Estimates.

Gladstone Commercial Corp.  (GOOD)

Conference Call Discussion

WWE, Inc.  (WWE)

Solid 2Q Results

FirstEnergy  (FE)

Company Posts Solid Second Quarter Results; FE Moving Forward with FES Separation Plans

Simon Property Group, Inc.  (SPG)

Second Quarter Results

Cerner Corp.  (CERN)

Cerner Reports Mixed Q2 Results & Record Bookings

HCP, Inc.  (HCP)

Second Quarter Earnings Highlights

ONE Gas, Inc.  (OGS)

Rare Miss in Q2'17 for OGS, but Slight Raise to FY Guidance; Reiterating Neutral Rating

Churchill Downs Incorporated  (CHDN)

Company Produced Another Good Quarter; Our Neutral Rating is Based on Valuation

Gladstone Commercial Corp.  (GOOD)

Second Quarter Earnings

Reports published July 31, 2017

CMS Energy (CMS)

Company Reports Solid Second Quarter Results and Reaffirms 2017 Earnings Guidance

HopFed Bancorp, Inc. (HFBC)

Robust Loan Growth and NIM Expansion; Reaffirming Neutral Rating

Education Realty Trust  (EDR)

Second Quarter Results

American Electric Power  (AEP)

Company Reports Solid Second Quarter Earnings and Reaffirms 2017 Guidance

Procter & Gamble Co.  (PG)

Decent 4Q Results; Maintain LT Buy Rating

Exxon Mobil Corp. (XOM)

Q2'17 Misses Outlook; Reduce Estimates, Maintain Target, Rating

Intel Corp.  (INTC)

A Beat and Raise Quarter

Chevron Corp.  (CVX)

Q2'17 Shows Improvement but Misses Consensus; Reduce Estimates

Meridian Bioscience, Inc.  (VIVO)

Solid Quarter Despite Magelian Write-down

Reports published July 28, 2017

Bristol-Myers Squibb Company (BMY)

Company Reports Strong Results Led by Key Brands but Competitor Clinical Trial News Weighs on the Stock

First Financial Bancorp (FFBC)

2Q17 Earnings and MSFG Acquisition Review; Reaffirming Neutral Rating

Kite Realty Group Trust (KRG)

Second Quarter Results

Regal Entertainment Group (RGC)

2Q Results Reflected Soft Industry Environment

ConocoPhillips (COP)

Q2’17 Exceeds Outlook, Trim Estimates on Lower Post-Divestiture Volume and Price Forecasts

Leggett & Platt Inc. (LEG)

Q2’17 Results from LEG; Reiterating Long-term Buy

First Potomac Realty Trust (FPO)

Second Quarter Results

Ventas, Inc. (VTR)

Second Quarter Earnings

Teradata Corp. (TDC)

Q2’17 Results Miss Expectations; Underlying Teradata Demand Improves; Guidance Matches Our View

Weingarten Realty Investors (WRI)

Second Quarter Results

Stock Yards Bancorp, Inc. (SYBT)

Net Interest Margin Disappoints; Noninterest Income Surges; Reiterating Neutral

Welltower, Inc. (HCN)

Q2 Results Down on Asset Sales

Verizon Communications (VZ)

Company Reports Better Than Expected Wireless Customer Additions      

Reports published July 27, 2017

Omega Healthcare Investors, Inc. (OHI)

Q2 Earnings Update

Omega Healthcare Investors, Inc. (OHI)

Q2 Conference Call Discussion

Chemical Financial Corporation (CHFC)

Net Interest Income Pops on Securities Purchases; Reiterating Long-term Buy

Six Flags Entertainment Group (SIX)

Mixed 2Q Results; Lowering Annual Estimates

California Water Service Group (CWT)

Profit Gates Open in Q2’17 for CWT; Reiterating Neutral Rating

Mid-America Apartment Communities (MAA)

Second Quarter Results

Facebook Inc. (FB)

Facebook Reports Exceptional Q2 Results; Improved Outlook; Raising Price Target to $189

NextEra Energy (NEE)

Company Posts Strong 2Q Results; Maintain Long-term Buy and Raise Price Target to $160

Reports published July 26, 2017

AT&T  (T)

Company Reports Better Than Expected Earnings on Improved Margins; Maintain Buy Rating

DDR Corp.  (DDR)

Second Quarter Results

Eli Lilly & Company  (LLY)

A Solid Quarter Overshadowed by Baricitinib News

Old National Bancorp (ONB)

Beats Street by a Penny; Reaffirming Neutral Rating

Reports published July 25, 2017

JAKKS Pacific, Inc.  (JAKK)

2Q Loss Wider Than Year Ago; Management Still Believes in 2H Turnaround

Franklin Electric Co., Inc.  (FELE)

Q2 Results for FELE; Reiterating Neutral

Alphabet Inc. (GOOGL)

Slower Revenue Growth and Higher Costs Weigh on Q2'17 Results

Park National Corporation  (PRK)

Reports Rare Credit Hiccup; Reaffirming Neutral Rating.

American Campus Communities, Inc.  (ACC)

Second Quarter Results

3M Company  (MMM)

A Noisy Miss in Q2'17 from MMM; Reiterating Neutral Rating and Initiating 2019 Financial Estimates

Reports published July 24, 2017

Republic Bancorp, Inc.  (RBCAA)

Loan Growth Accelerates; Retaining Neutral Rating

Microsoft Corp. (MSFT)

Impressive FQ4 Cloud Growth; Increasing PT  to $74

Fifth Third Bancorp  (FITB)

2Q17 Review; Reaffirming Neutral Rating

Huntington Bancshares Inc.  (HBAN)

2Q17 Review; Increasing Price Target to $15 and Upgrading to Buy

Leggett & Platt Inc.  (LEG)

Upgrading Rating to Long-term Buy with $66 Price Target; Initiating 2019 Estimates

Reports published July 21, 2017

BB&T Corporation (BBT)

Reports $0.02 Beat; Downgrading to Neutral on Valuation

eBay Inc. (EBAY)

Solid Q2 Results; FY Guidance Maintained; $3 Billion Share Repurchase Announced; Raising PT to $41

Utilities Monthly

Natural Gas and Water

Community Trust Bancorp, Inc.  (CTBI)

Robust Loan Growth; Stable NIM; Reiterating Neutral

Reports published July 20, 2017

Pinnacle Financial Partners  (PNFP)

Reports Stellar Loan Growth & Lots of Noise; Reaffirming Neutral Rating

Alphabet Inc.  (GOOGL)

Adjusting GAAP Earnings Ahead of Q2 Results

Industrials Monthly

Sector Update

Renasant Corporation  (RNST)

Loan Growth Accelerates; Reiterating Neutral Rating

U.S. Bancorp   (USB)

Maintains Guidance for 2H17 Strength in Lending; Reiterating Neutral Rating

Reports published July 19, 2017

Neogen Corporation  (NEOG)

Animal Safety Segment Struggles Continue but Strength Elsewhere Generates a Solid Quarter

Reports published July 18, 2017

Delta Natural Gas Company  (DGAS)

Kentucky Public Service Commission Approves Delta's Acquisition by Peoples Gas; Deal Likely to Close Within Several Weeks

 Reports published July 17, 2017

The PNC Financial Services Group, Inc.  (PNC)

Reports Robust Revenue Growth; Increasing EPS Estimates & Price Target; Retaining Neutral Rating

Reports published July 12, 2017

Connecticut Water Service, Inc.  (CTWS)

CTWS Closes on AVON Acquisition; Initiating 2019 Estimates and Reiterating Neutral Rating

Intel Corp.  (INTC)

Initiating INTC with Long-term Buy-2 Rating & $41 PT

Reports published July 11, 2017

The J.M. Smucker Company  (SJM)

Raising Rating to Long-term Buy


2017 Q2 Earnings Preview

Reports published July 3, 2017

Nike, Inc. (NKE)

4Q EPS Beat Expectations, But Challenges Exist

Reports published June 29, 2017

Investors Real Estate Trust  (IRET)

Fourth Quarter Results

Reports published June 16, 2017

The Kroger Co. (KR)

Fiscal 1Q Review; Lowering Estimates and Price Target, But Stock Appears Attractive Here

Reports published June 12, 2017

REIT Week 2017

Review of the conference and individual company meetings

Urstadt Biddle Properties, Inc. (UBA)

Second Quarter Results

Verifone Systems Inc. (PAY)

Beats Q2’17 Expectations; Reducing Outlook on Divestitures and Petro EMV Liability Shift

Reports published June 7, 2017

Exxon Mobil Corp.  (XOM)

Is the Tiger Stirring?  Initiating Coverage at Long-term Buy

Reports published June 6, 2017

American Society of Clinical Oncology

Annual Meeting - ASCO 2017

Reports published May 26, 2017

AGA Financial Forum

Comments from 2017 AGA Financial Forum

GameStop Corp.  (GME)

Positive Surprise to 1Q Results, But Challenges Remain With Transformation Strategy

Reports published May 11, 2017

Midwest Bank Quarterly

1Q17 Review

Reports published May 9, 2017

Care Capital Properties, Inc.  (CCP)

Q1 Earnings Update

Reports published May 8, 2017

Care Capital Properties, Inc. (CCP)

Being Purchased by Sabra Healthcare. Rating Changed to Neutral.

Reports published April 28, 2017

Lancaster Colony Corporation  (LANC)

Unlike Recent Quarters, EPS Fell in 3Q