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 October 18, 2017

Triangle Capital Corporation (TCAP)

Upgrading to Long-term Buy on Valuation

Reports published October 17, 2017


2017 Q3 Earnings Preview

South Jersey Industries, Inc.  (SJI)

$1.7B of M&A in New Jersey and Maryland; Revising Model and Reiterating Buy Rating

Reports published October 16, 2017

The PNC Financial Services Group, Inc.  (PNC)

Net Interest Margin Continues to Shine; Retaining Neutral Rating

Closed-End Funds

Monthly Review (October-17)

Reports published October 13, 2017

The Kroger Company (KR)

Investor Conference Highlights


Monthly Update

Reports published October 6, 2017

Investment Perspectives

October 2017

Investment Strategies

October 2017: Market Valuations Redux

Hilliard Lyons Research Coverage List

October 2017


October 2017

Equity Highlights

October 2017

Recommended Stocks

October 2017

Buy and Long-term Buy Dividend Ideas

October 2017

Reports published October 5, 2017

3M Company  (MMM)

Adjusting Model for Closing of Scott Safety Acquisition

Six Flags Entertainment Corp.  (SIX)

Lowering Rating to Long-term Buy

Reports published October 4, 2017

Aegion Corp. (AEGN)

Hurricanes and Restructuring Update Offer Attractive Entry Point; Upgrading to Buy Rating

Reports published October 3, 2017

Nike, Inc. (NKE)

1Q EPS Beat Expectations, But Year-Over-Year Decline Reflects Several Challenges

3M Company (MMM)

Several Items to Address Ahead of Q3 Earnings; Estimates Rise but Reiterating Neutral Rating

Reports published October 2, 2017

Gladstone Capital Corp. (GLAD)

Completes Preferred Stock Offering

First Potomac Realty Trust (FPO)

Company Acquired. Dropping Coverage.

Reports published September 29, 2017

Neogen Corp. (NEOG)

1Q18 Revenue Strength Offset by Higher Expenses

Reports published September 28, 2017

Urstadt Biddle Properties, Inc. (UBA)

Preferreds & Estimate Changes

American Campus Communities, Inc. (ACC)

Company Update

Reports published September 26, 2017

Stock Yards Bancorp, Inc. (SYBT)

Tweaking Estimates & Reiterating Neutral Rating

Reports published September 25, 2017

Utilities Monthly

Natural Gas and Water

German American Bancorp, Inc.  (GABC)

Adjusting Model and Retaining Neutral Rating

Reports published September 20, 2017

Industrials Monthly

Sector Update

Delta Natural Gas Company  (DGAS)

Dropping Coverage Due to the Company's Acquisition by Peoples Gas

Chemical Financial Corporation (CHFC)

Announces Restructuring Initiative

Reports published September 19, 2017

BB&T Corporation  (BBT)

Provides Updated Q3 Guidance

Reports published September 14, 2017

Leggett & Platt Inc.  (LEG)

Revising Estimates on Lowered Guidance; Reiterating Long-term Buy

Reports published September 13, 2017

The Walt Disney Company  (DIS)

Updating Estimates and Price Target

Apple Inc.  (AAPL)

Apple Product Launch Highlights

Eli Lilly & Company  (LLY)

Model Update after ESMO; Raising Price Target

European Society for Medical Oncology Annual Congress - ESMO 2017

A Review

Reports published September 12, 2017

Cedar Fair Entertainment Co.  (FUN)


Investors Real Estate Trust  (IRET)

First Quarter Results

Bristol-Myers Squibb Company  (BMY)

Downgrading to Neutral after Price Appreciation

Reports published September 11, 2017

Urstadt Biddle Properties, Inc.  (UBA)

Third Quarter Results

The Kroger Co.  (KR)

Fiscal 2Q Review; Adjusting Price Target

 Verifone Systems Inc.  (PAY)

Verifone Tops Q3'17 Expectations; Forecasting FY'18 Growth

Reports published September 8, 2017

GoPro Inc.  (GPRO)

Q3 Guidance Update

Reports published September 6, 2017

Landauer, Inc.  (LDR)

Landauer to be Acquired by Fortive; Upgrading to Neutral

Reports published September 5, 2017

Regal Entertainment Group  (RGC)

Updating Estimates Following Summer Season

Reports published August 31, 2017

BB&T Corporation  (BBT)

Tweaking Model; Reaffirming Neutral Rating

Reports published August 30, 2017

Eli Lilly & Company  (LLY)

Model Update after Baricitinib and Semaglutide News

Reports published August 29, 2017

VMware Inc.  (VMW)

VMware Reports Solid Q2'18 Results & Improved FY Outlook

Northwest Natural Gas Co.  (NWN)

Trimming Estimates and Reiterating Underperform

WGL Holdings, Inc. (WGL)

Upgrading Rating to Neutral

Reports published August 28, 2017

Exxon Mobil Corp. (XOM)

Hurrican Harvey Poised to Reduce Q3'17 Earnings, Maintain Target, Rating

GameStop Corp. (GME)

2Q EPS Declined Slightly More Than Expected

Reports published August 25, 2017

The J.M. Smucker Company (SJM)

Lower Fiscal 1Q Results

Reports published August 23, 2017

Pinnacle Financial Partners (PNFP)

Tweaking Estimates & Raising to Buy on Valuation

Reports published August 21, 2017

Lancaster Colony Corporation (LANC)

EPS Decline for Fiscal 4Q

Reports published August 17, 2017

Midwest Bank Quarterly

2Q17 Review

Care Capital Properties, Inc. (CCP)

Purchase by Sabra Healthcare Consummated

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

Reports published August 11, 2017

American Campus Communities, Inc. (ACC)

Upgrading to Neutral

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

National Health Investors, Inc.  (NHI)

Conference Call Update

Old National Bancorp  (ONB)

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

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

Activision Blizzard, Inc.  (ATVI)

Impressive 2Q Results But Valuation Remains Rich

Reports published August 4, 2017

Consolidated Edison  (ED)

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

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

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

Frontier Communications (FTR)

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

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.

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

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

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

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

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

eBay Inc. (EBAY)

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

Community Trust Bancorp, Inc.  (CTBI)

Robust Loan Growth; Stable NIM; Reiterating Neutral

Reports published July 20, 2017

Alphabet Inc.  (GOOGL)

Adjusting GAAP Earnings Ahead of Q2 Results

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 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 3, 2017

Nike, Inc. (NKE)

4Q EPS Beat Expectations, But Challenges Exist