Research Reports

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

Reports published March 23, 2018.

Neogen Corp.

A Fairly Quiet 3Q18 with Additional Strength Ahead

Reports published March 20, 2018.

Closed-End Funds

March 2018 Update

Reports published March 16, 2018.

 Gladstone Capital Corp. (GLAD)

Increases Credit Facility & Lowers Pricing -- Reaffirming Neutral Rating

Reports published March 15, 2018.

 Connecticut Water Service, Inc. (CTWS)

Merger of Equals with SJW; Strong Q4'17 Results

Artesian Resources Corp. (ARTNA)

Q4'17 Results; Reiterating Neutral Rating

Reports published March 13, 2018.

 Investors Real Estate Trust (IRET)

Third Quarter Results

Reports published March 12, 2018.

 Urstadt Biddle Properties, Inc. (UBA)

First Quarter Results

 Verifone Systems Inc. (PAY)

Transition Slower Than Expected But Nonetheless Positive

Reports published March 9, 2018.

 The Kroger Co. (KR)

Decent 4Q Results; 2018 Guidance Reflects Competitive Environment, Company Spending

Investment Perspectives

March 2018

Investment Strategies

March 2018: Tariffs and Trade

Hilliard Lyons Research Coverage List

March 2018


March 2018

Equity Highlights

March 2018

Recommended Stocks

March 2018

Buy and Long-term Buy Dividend Ideas

March 2018

Reports published March 8, 2018.

York Water Company (YORW)

Good Q4'17 Results from YORW; Raising to Neutral

Reports published March 5, 2018.

Churchill Downs Incorporated  (CHDN)

Solid 4Q 2017 Results; Much Activity in 2018

Reports published March 2, 2018.

Whitestone REIT  (WSR)

Fourth Quarter Results

LTC Properties, Inc.  (LTC)

Q4 Conference Call Discussion

Chesapeake Utilities Corp.  (CPK)

Strong Q4'17 from CPK, and Compelling Guide for 2018; Reiterating Long-term Buy Rating

VMware Inc.  (VMW)

Strong Q4'18 Results; Guidance Above Expectations; Dell Decision Weighs on Shares; Downgrading to Neutral & Reducing Suitability Rating

Aegion Corporation  (AEGN)

Soft Q4'17 from AEGN, but Calling for a Rebound in 2018; Reiterating Neutral Rating

LTC Properties, Inc.  (LTC)

Q4 Earnings Overview

Reports published March 1, 2018.

Regal Entertainment Group  (RGC)

Dropping Coverage Due to Acquisition of Company by Cineworld Group plc

California Water Service Group (CWT)

Strong Q4’17 from CWT, but Cost of Capital Remains an Overhang; Reiterating Underperform Rating

Reports published February 28, 2018.

Aqua America, Inc.  (WTR)

Good Q4 from WTR, but Soft Guide for 2018; Reiterating Neutral Rating.

Physicians Realty Trust  (DOC)

Q4 Earnings Highlights

Industrials Monthly

Sector Update.

Frontier Communications  (FTR)

Company Suspends Dividend; Maintain Underperform Rating

SoTHERLY Hotels Inc.  (SOHO)

Fourth Quarter Results

Reports published February 27, 2018

Utilities Monthly

Natural Gas and Water.

Northwest Natual Gas Co.  (NWN)

Upgrading to Neutral Rating.

Reports published February 26, 2018

Entergy Corporation  (ETR)

Company Reports Solid 2017 Results and Initiates 2018 Guidance

South Jersey Industries, Inc.  (SJI)

Q4'17 Results and 2018 Guidance from SJI; Reiterating Neutral Rating

Reports published February 23, 2018

PPL Corporation  (PPL)

Company Reports Solid 2017 Results and Introduces 2018 Earnings Guidance


Strong Q4'17 Results & FY'18 Guidance; 5M Share Repurchase Program; Strong ACV Growth

Reports published February 22, 2018

Southern Company  (SO)

Company Reports Full Year Results and Introduces 2018 Guidance

Weingarten Realty Investors (WRI)

Fourth Quarter Results

Welltower, Inc.  (HCN)

Fourth Quarter Worse Than Expected

FirstEnergy  (FE)

Company Reports Solid 2017 Results; Provides 2018 Guidance and Long-term Outlook

ONE Gas, Inc.  (OGS)

Good Q4'17 from OGS; Reiterating Neutral Rating

American Campus Communities, Inc.  (ACC)

Raising Rating to Long-term Buy

Reports published February 21, 2018

Gladstone Land Corp.  (LAND)

Conference Call Discussion

Franklin Electric Co., Inc.  (FELE)

Q4 Results for FELE; Reiterating Neutral

Vectren Corporation (VVC)

Company Reports Positive Full-year Results and Introduces 2018 Guidance

Six Flags Entertainment Corp.  (SIX)

Higher 4Q Results; Raising Price Target

American Water Works Co.  (AWK)

Strong Q4'17 at AWK; Reiterating Long-term Buy

Duke Energy  (DUK)

Company Reports 2017 Results; Updates and Extends Earnings Guidance

Gladstone Land Corp.  (LAND)

Q4 Results Below Our Estimate

Reports published February 20, 2018

NiSource Inc.  (NI)

Company Reports Strong 2017 Results and Reaffirms 2018 Earnings Guidance

Ameren Corp.  (AEE)

AEE Reports Solid 2017 Results and Introduces Favorable Long-term Guidance

The J. M. Smucker Company (SJM)

Sequential EPS Improvement; Raising Price Target Based on Higher Forward EPS Figure

Education Realty Trust  (EDR)

Fourth Quarter Results

Reports published February 16, 2018

Consolidated Edison  (ED)

Company Reports Solid 2017 Results and Introduces 2018 Guidance

National Health Investors, Inc.  (NHI)

Q4 Earnings Update, Raised Rating

Cincinnati Bell  (CBB)

CBB Reports 2017 Results and Introduces 2018 Guidance

DDR Corp.  (DDR)

Fourth Quarter Results

TripAdvisor Inc.  (TRIP)

Stabilization Boosts Shares; New $230 Million Buyback

Zoetis Inc.  (ZTS)

Broad-based Strength in 4Q17; Raising Price Target and Reiterating Buy Rating.

Gladstone Commercial Corp.  (GOOD)

Conference Call Discussion.  Raising Rating to Long-term Buy.

Reports published February 15, 2018

Healthcare Realty, Inc. (HR)

Conference Call Update

Cedar Fair Entertainment Co. (FUN)

4Q Profit a Bit Shy of Our Expectation

CMS Energy  (CMS)

Upgrading to Long-term Buy on Recent Price Pullback; Fundamentals Appear Strong as Ever

Healthcare Realty Trust, Inc.  (HR)

Fourth Quarter Earnings Highlights

Gladstone Comercial Corp.  (GOOD)

Fourth Quarter Earnings

Bristol-Myers Squibb Company (BMY)

Adjusting Model for Nektar Deal

CMS Energy  (CMS)  (Rating Change Notification)

Rating Changed to Long-term Buy from Neutral

Reports published February 14, 2018

Tanger Factory Outlet Centers, Inc.  (SKT)

Fourth Quarter Results

Omega Healthcare Investors, Inc.  (OHI)

Q4 Conference Call Discussion

WWE, Inc.  (WWE)

Impressive 4Q Results; Raising 2018 Estimates

Omega Healthcare Investors, Inc.  (OHI)

Q4 Earnings Update

Reports published February 13, 2018

HCP, Inc.  (HCP)

Fourth Quarter Conference Call Highlights

Teradata Corp.  (TDC)

Teradata Q4'17 Results; Transition Continues . . .

HCP, Inc.  (HCP)

Fourth Quarter Earnings Highlights

Activision Blizzard, Inc.  (ATVI)

4Q Results; A Good End to 2017

Reports published February 12, 2018

Southeast Bank Quarterly

4Q17 Review

CBL & Associates Properties, Inc.  (CBL)

Fourth Quarter Results

Reports published February 9, 2018

Ventas, Inc.  (VTR)

Fourth Quarter Earnings

Cerner Corp.  (CERN)

Cerner Reports Q4 Results -- Reiterate Neutral

Take-Two Interactive Software, Inc.  (TTWO)

Upgrading to Neutral from Underperform After Recent Pullback

Midwest Bank Quarterly

4Q17 Review

Renasant Corporation (RNST)

Management Guides for Strong 2018 Loan Growth; Reiterating Neutral Rating

Old National Bancorp  (ONB)

Increasing Estimates & Price Target; Raising to Buy on Unwarranted Pullback

Huntington Bancshares Incorporated  (HBAN)

Market Correction Creates Attractive Investment Opportunity; Raising to Buy

Take-Two Interactive Software, Inc.  (TTWO) (Rating Chg Notice)

Raising our Rating to Neutral from Underperform

Reports published February 8, 2018

GoPro Inc.  (GPRO)

Poor Q4 Results; Turnaround Story Fails to Gain Tractionrnaround Story Fails to Gain Traction

Kentucky Bank Quarterly

4Q17 Review

WGL Holdings, Inc.  (WGL)

Q1'18 Results from WGL; Reiterating Neutral.

New Jersey Resources Corp.  (NJR)

Strong Q1'18 Results for NJR, but Tax Items a Qualifier

Reports published February 7, 2018

Microsoft Corp.  (MSFT)

            Strong FQ2 Results; Commercial Cloud Revenue +56%; Increasing PT to $93

Gladstone Investment Corporation  (GAIN)

Solid F3Q18 Results -- Reaffirming Neutral Rating

The Walt Disney Company  (DIS)

Good Fiscal 1Q Results; Raising Price Target Based on Favorable Earnings Outlook

GGP Inc.  (GGP)

Fourth Quarter Results

Atmos Energy Corp.  (ATO)

Strong Fiscal Q1'18 from ATO; but Aided by Tax.

Reports published February 6, 2018

Multi-Color Corporation  (LABL)

Growing Pains in Q3'18 at LABL, but Thesis Intact; Reiterating Long-term Buy Rating

Leggett & Platt Inc.  (LEG)

Good Q4'17 from LEG to Close a Flattish Year; Reiterating Long-term Buy Rating.

Bristol-Myers Squibb Company  (BMY)

Strong 4Q17 Earnings and Incremental Positive for Checkmate-117 Data

Alphabet Inc. (GOOGL)

Higher Costs Weigh on Profitability

Reports published February 5, 2018

Apple Inc.  (AAPL)

Record Results, Strong Pricing Power; Tax Reform Boosts Outlook; Upgrading to Buy Rating & $194 PT

Reports published February 2, 2018

Kite Realty Group Trust  (KRG)

Fourth Quarter Results

eBay Inc. (EBAY)

Strong Q4 Results; Improving Outlook; Downgrading to Neutral as Shares Approach Fair Value; Raising PT to $50

Spire Inc.  (SR)

Regulatory Uncertainty Obfuscates Strong Q1'18 from SR; Strengthening to Buy Rating.

Reports published February 1, 2018

AT&T  (T)

Company Reports Solid Fourth Quarter Results; 2018 to Benefit Significantly from Tax Reform

Facebook Inc.  (FB)

Strong Q4 Results; High FCF Generator; News Feed Changes Positive; Raising PT to $239

Mid-America Apartment Communities  (MAA)

Fourth Quarter Results

Hillenbrand, Inc.  (HI)

Strong Start to Fiscal 2018 in Q1 at HI; Tax Items Compel Hike to Guidance

Republic Bancorp, Inc.  (RBCAA)

4Q17 Review; Retaining Neutral Rating

Eli Lilly & Company (LLY)

A Strong Quarter; Investor Fixation on 2018 Diabetes Competition Creates Even More Compelling Buying Opportunity

Reports published January 31, 2018

Electronic Arts Inc.  (EA)

Fiscal 3Q Results Don't Tell the Story of Bright Future, Long-term Growth Prospects

Simon Property Group, Inc.  (SPG)

Fourth Quarter Results

German American Bancorp, Inc.  (GABC)

Loan Growth Continues to Outperform; Reaffirming Neutral Rating

Reports published January 30, 2018

Dominion Energy (D)

Upgrading to Buy.  Stock Offers Both Attractive Earnings & Dividend Growth Along With Yield

Dominion Energy (D) (Rating Change Notification)

Rating Upgraded to Buy from Neutral

Reports published January 29, 2018

HopFed Bancorp, Inc. (HFBC)

Loan Growth Accelerates; Reaffirming Neutral Rating

NextEra Energy  (NEE)

Company Raises Earnings Guidance; Maintain Long-term Buy and Raise Price Target to $175

Reports published January 26, 2018

Stock Yards Bancorp, Inc.  (SYBT)

Loan Growth Surges; Reiterating Neutral

Intel Corp.  (INTC)

Intel Reports Record Q4 Results; Hikes Dividend 10%; Significant and Ongoing Tax Reform Benefits

Chemical Financial Corporation  (CHFC)

4Q17 Review; Raising to Buy

American Electric Power  (AEP)

Company Reports Higher Fourth Quarter Earnings and Reaffirms 2018 Guidance

Meridian Bioscience, Inc.  (VIVO)

Solid Quarter Even Without Respiratory Boost

Park National Corporation  (PRK)

4Q17 Earnings & NewDominion Bank Acquisition Review; Reaffirming Neutral Rating

Lancaster Colony Corporation  (LANC)

Fiscal 2Q Results Had Some Noise

Reports published January 25, 2018

3M Company  (MMM)

Record Q4'17 at MMM; Hike to 2018 Guidance

Reports published January 24, 2018

Fifth Third Bancorp  (FITB)

4Q17 Review; Reaffirming Neutral Rating

Verizon Communications  (VZ)

Company Reports Solid Fourth Quarter Results; Introduces 2018 Guidance

Procter & Gamble Co.  (PG)

Higher 2Q EPS Despite Margin Pressure

3M Company  (MMM)

Upgrading Rating to Buy

Reports published January 23, 2018


2017 Q4 Earnings Preview

Reports published January 22, 2018

First Financial Bancorp (FFBC)

Big Beat on NIM Pop; Upgrading to Buy

BB&T Corp. (BBT)

Guides for Flat Nonoperating Expense in 2018; Reiterating Neutral Rating

Community Trust Bancorp (CTBI)

4Q17 Review; Reiterating Neutral Rating

Reports published January 19, 2018

Pinnacle Financial Partners (PNFP)

Sell-Off Overdone – Reaffirming Buy Rating

Reports published January 18, 2018

US Bancorp (USB)

4Q17 Earnings Review; Reiterating Neutral Rating

Reports published January 17, 2018

California Water Service Group (CWT)

Downgrading CWT to Underperform

Reports published January 16, 2018

The PNC Financial Services Group, Inc. (PNC)

Reports Beat and Plenty of Noise

Reports published January 9, 2018

Meridian Bioscience, Inc.  (VIVO)

A Recap of Our Visit to Meridian's Headquarters plus Estimate Adjustments from Tax Reform and Other Items

Reports published January 4, 2018

Neogen Corporation (NEOG)

A Noisy 2Q18 Marked by Higher Expenses

Reports published January 2, 2018

Nike, Inc. (NKE)

2Q Beat Expectations But Had Some Challenges

Reports published December 20, 2017

Investment Strategies

December 20, 2017: Tax Reform -- Updated

Reports published December 18, 2017


Nine, Ten. . . Sixteen Thousand, but What is it?  The Bitcoin Papers:  A Hilliard Lyons Perspective

Reports published December 14, 2017

Hillenbrand, Inc.  (HI)

Thoughts from Investor Day; Reiterating Neutral.

Reports published December 13, 2017

Research's Top Ideas for Year-End 2017

Reports published November 27, 2017

GameStop Corp.  (GME)

3Q Results Were Better Than Expected

Reports published November 2, 2017

Triangle Capital Corporation  (TCAP)

Credit Quality Implodes; Dividend Slashed; Exploring Strategic Options; Withdrawing Coverage

Reports published October 27, 2017

JAKKS Pacific, Inc.  (JAKK)

Review of 3Q Results; Dropping Coverage to Focus on Other Areas

Reports published October 25, 2017


Terminating Coverage of our Energy Universe Due to the Departure of the Primary Analyst