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 June 23, 2017

Utilities Monthly

Natural Gas and Water

Reports published June 21, 2017

Industrials Monthly

Sector Update

Reports published June 20, 2017

Zoetis Inc.

A Top Operator in an Industry with Solid Secular Growth; Reinstating Coverage with a Buy Rating 

Reports published June 16, 2017

The Kroger Co.

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

American Campus Communities

Revising Estimates

Reports published June 14, 2017


Monthly Update

Reports published June 13, 2017

Closed-End Funds

June 2017 Update

Reports published June 12, 2017

REIT Week 2017

Review of the conference and individual company meetings

Urstadt Biddle Properties, Inc.

Second Quarter Results

Verifone Systems Inc.

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

Reports published June 9, 2017

Investment Perspectives

June 2017

Investment Strategies

June 2017

Hilliard Lyons Research Coverage List

June 2017


June 2017

Equity Highlights

June 2017

Recommended Stocks

June 2017

Buy and Long-term Buy Dividend Ideas

June 2017

Reports published June 8, 2017

The J.M. Smucker Company (SJM)

4Q Results Exceeded Tepid Expectations

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 June 5, 2017

VMware Inc.  (VMW)

Strong Q1'18 Results, Raising FY'18 Outlook & PT to $107

Reports published June 2, 2017

Take-Two Interactive Software, Inc.  (TTWO)

Strong 4Q Results; Lowering Rating to Underperform Based on Valuation

Reports published June 1, 2017

U.S. Bancorp (USB)

Key Takeaways From Investor Presentation

Reports published May 30, 2017

Multi-Color Corporation  (LABL)

Strong Fiscal Q4'17; Reiterating Neutral Rating

Regal Entertainment Group  (RGC)

Updating Estimates to Reflect Recent Industry Box Office Results

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 25, 2017

Simon Property Group, Inc. (SPG)

Company Update

Stock Yards Bancorp, Inc. (SYBT)

Upgrading to Neutral on Valuation

German American Bancorp, Inc. (GABC)

Upgrading to Neutral on Recent Pullback

Reports published May 19, 2017

Closed-End Funds

Monthly Update - May 2017

Reports published May 18, 2017

Industrials Monthly

Sector Update

ConocoPhillips (COP)

Closes $13.3B Canadian Asset Sale

Regal Entertainment Group  (RGC)

Upgrading Rating to Long-term Buy

Reports published May 17, 2017

Utilities Monthly

Natural Gas and Water

Meridian Bioscience, Inc.  (VIVO)

Growth Engine Hits a Hurdle with FDA Warning; Tweaking Estimates and Price Target Lower

CBL & Associates Properties, Inc.  (CBL)

Frequently Asked Questions

Reports published May 16, 2017

Gladstone Investment Corporation  (GAIN)

F4Q17 Review - Reaffirming Neutral Rating

Reports published May 15, 2017


Monthly Update

Fifth Third Bancorp (FITB)

Tweaking Estimates & Reaffirming Neutral Rating

Reports published May 12, 2017

Natural Resource Partners L.P.  (NRP)

Q'17 Results Encouraging, If Messy

Southeast Bank Quarterly

1Q17 Review

TripAdvisor Inc. (TRIP)

TripAdvisor Reports Improving Underlying Performance; Upgrading to Long-term Buy; Raising PT to $65.

Electronic Arts Inc.  (EA)

Good 4Q Results, But Share Price Rise Takes Stock Out of Our Preferred Buying Range

Reports published May 11, 2017

Midwest Bank Quarterly

1Q17 Review

Whitestone REIT  (WSR)

First Quarter Results

Reports published May 10, 2017

Rex Energy Corp. (REXX)

Q1'17 Volume -14%, Pricing +25% Yr/Yr; Adjust Production and Cash Flow Forecasts

The Walt Disney Company (DIS)

Fiscal 2Q EPS Exceeds Expectations; Fine Tuning Estimates and Price Target

Cincinnati Bell (CBB)

CBB Reports Mixed First Quarter Results; Company Reaffirms 2017 Guidance

Gladstone Land Corp.  (LAND)

Conference Call Discussion

Landauer, Inc.  (LDR)

Solid Radiation Measurement Results; Shares Remain Priced for Rosy Assumptions, Reiterate Underperform

Kentucky Bank Quarterly

1Q17 Review

Gladstone Land Corp.  (LAND)

Q1 Results a Penny Above Our Estimate.

LTC Properties, Inc.  (LTC)

Q1 Conference call Discussion. Rating Raised to Neutral.

Reports published May 9, 2017

South Jersey Industries, Inc.  (SJI)

Fine Q1'17 from SJI, but Soft FY Guide.  Reiterating Long-term Buy with '2020 Plan' Still Intact.

Duke Energy (DUK)

Company Reports Solid First Quarter Results and Reaffirms 2017 Guidance

National Health Investors, Inc. (NHI)

Conference Call Update

Sotherly Hotels Inc.  (SOHO)

First Quarter Results

Connecticut Water Service, Inc.  (CTWS)

Q1'17 Results for CTWS; Reiterating Neutral Rating

Care Capital Properties, Inc.  (CCP)

Q1 Earnings Update


ANSYS Reports Strong Q1'17 Results

Vectren Corporation  (VVC)

Company Reports Positive First Quarter Results and Reaffirms 2017 Guidance

Activision Blizzard, Inc. (ATVI)

Impressive 1Q Results; Fundamentals Remain Strong, But Valuation Seems Rich to Us

National Health Investors, Inc.  (NHI)

First Quarter Earning Highlights

LTC Properties, Inc. (LTC)

Q1 Earnings Overview

Reports published May 8, 2017

Delta Natural Gas Company (DGAS)

Company Reports Solid Fiscal Third Quarter 2017 Results; Acquisition Process Moves Forward

Care Capital Properties, Inc. (CCP)

Being Purchased by Sabra Healthcare. Rating Changed to Neutral.

PDC Energy (PDCE)

Q1 Volume +32%, Market Pricing +73% Yr/Yr; Raise Estimates

Northwest Natural Gas Co.  (NWN)

Q1'17 Results from NWN; Reiterating Underperform Rating and $50 Price Target

Reports published May 5, 2017

Welltower, Inc. (HCN)

First Quarter Earnings Highlights

Approach Resources, Inc. (AREX)

Q1'17 Volume -11%, Pricing +37% Yr/Yr; Maintain Rating

Consolidated Edison  (ED)

Company Reports Solid First Quarter Results and Reaffirms 2017 Guidance

New Jersey Resources Corp.  (NJR)

Strong Q2'17 Results for NJR

Facebook Inc. (FB)

Facebook Reports Record Q1 Results; Increasing PT to $170

WGL Holdings, Inc. (WGL)

Q2'17 Results from WGL; Reiterating Underperform

Dominion Resources (D)

Company Reports Solid First Quarter Results and Reaffirms 2017 Earnings Guidance

Ameren Corp. (AEE)

AEE Reports Solid First Quarter Earnings and Reaffirms 2017 Guidance

WWE, Inc. (WWE)

1Q Results Were a Bit Soft; Remaining Quarters Look Better To Us

Triangle Capital Corporation (TCAP)

Seasonally Strong Investment Production - Reaffirming Neutral Rating

Reports published May 4, 2017

PPL Corporation  (PPL)

Company Reports Solid First Quarter Earnings and Reaffirms 2017 Guidance

Gladstone Capital Corp. (GLAD)

F2Q17 Review - Upgrading to Neutral

Omega Healthcare Investors, Inc. (OHI)

Q1 Conference Call Discussion

Hillenbrand, Inc.  (HI)

Strong Q2'17 Results from HI; Reiterating Neutral.

CBL & Associates Properties, Inc.  (CBL)

Rating Changed to Long-term Buy from Buy with a 2 year Price Target of $17.50.  First Quarter Results.

Healthcare Realty, Inc.  (HR)

Conference Call Update

Southern Company  (SO)

SO Reports Good First Quarter Results; Uncertainty Surrounding Construction Program Persists

Artesian Resources Corp.  (ARTNA)

Q1'17 Results, Downgrading to Neutral.

Aqua America, Inc.  (WTR)

Down Q1 at WTR; Reiterating Underperform Rating.

American Water Works Co.  (AWK)

Q1'17 Results from AWK.  Reiterating LTB Rating.

Chesapeake Utilities Corp.  (CPK)

Miss to Q1'17 EPS at CPK, but Margin Gains Robust

Healthcare Realty, Inc.  (HR)

First Quarter Earnings Highlights

Omega Healthcare Investors, Inc.  (OHI)

Q1 Earnings Update

Atmos Energy Corp.  (ATO)

Strong Fiscal Q2'17 Results from ATO; Reiterating Neutral Rating, Awaiting an Entry Point

Reports published May 3, 2017

NiSource Inc.  (NI)

Company Reports Higher First Quarter Results and Reaffirms 2017 Earnings Guidance

Physicians Realty Trust  (DOC)

Q1 Earnings Highlights

Cedar Fair Entertainment Co.  (FUN)

Lower 1Q Results But Key Annual Projections on Track; Raising Two-Year Price Target

Aegion Corporation  (AEGN)

In Line Q1'17 Gets AEGN Off to Positive Start in 2017.

Frontier Communications  (FTR)

Persistent Revenue Pressure Forces Dividend Cut

Apple Inc.  (AAPL)

Apple Reports Mixed Q2 Results & Provides Light Guidance; Raises Dividend & Buyback:  Increasing PT to $170

Spire Inc.  (SR)

Return to Marginal Growth as Transitional Year Continues; Reiterating LTB Rating and $77 Target

Gladstone Commercial Corp.   (GOOD)

Conference Call Follow-Up, Rating Change

GGP Inc.  (GGP)

First Quarter Results

ConocoPhillips  (COP)

Q1'17 Narrows Loss, Raise Estimates

Gladstone Commercial Corp.   (GOOD)

First Quarter Earnings

Reports published May 2, 2017

HCP, Inc.  (HCP)

First Quarter Conference Call Highlights

The York Water Company  (YORW)

Q1'17 Results for YORW; Reiterating Underperform

Tanger Factory Outlet Centers, Inc.  (SKT)

First Quarter Results

Alphabet Inc.  (GOOGL)

Alphabet Reports Strong Q1'17 Results; Raising PT to $1000

ONE Gas, Inc.  (OGS)

Strong Q1'17 Results from OGS, Boosted a Bit By Taxes; Reiterating Neutral Rating.

Churchill Downs Incorporated  (CHDN)

1Q Results Represented Good Start to 2017; Maintain Neutral Rating Due to Valuation

Cerner Corp.  (CERN)

Cerner Reports Results Above Expectations; Increasing PT to $68; Downgrading to Neutral on Price Appreciation

HCP, Inc.  (HCP)

First Quarter Earnings Highlights

Alliance Resource Partners L.P.  (ARLP)

Q1'17 Volume +29%, Pricing -15% and Expenses -24%; Raise Estimates

Reports published May 1, 2017

Franklin Electric Co., Inc. (FELE)

Addendum to Q1 Update; Clarifying Potential Headwater Contribution

CMS Energy (CMS)

Company Reports Strong First Quarter Results and Reaffirms 2017 Earnings Guidance

Education Realty Trust  (EDR)

First Quarter Results

FirstEnergy  (FE)

Company Posts Solid First Quarter Results; Merchant Generation Exit Uncertainty Persists

HopFed Bancorp, Inc.  (HFBC)

Robust Loan Growth Continues; Reaffirming Neutral Rating

Aegion Corporation  (AEGN)

Downgrading to Neutral on Lower Estimates, Waning Catalysts.

Reports published April 28, 2017

Chevron Corp. (CVX)

Q1'17 Beats Outlook, Increase Estimates

Mid-America Apartment Communities (MAA)

First Quarter Results

GoPro Inc. (GPRO)

GoPro Beats Q1 Revenue Expectations; Guides to Strong Q2 Revenue Growth

First Potomac Realty Trust  (FPO)

First Quarter Results

Ventas, Inc.  (VTR)

First Quarter Earnings

Meridian Bioscience, Inc.  (VIVO)

Solid Quarter Carried by Respiratory and Zika Sales

Chemical Financial Corporation (CHFC)

Management Guides to Substantial Growth in Securities Portfolio; Raising to Long-term Buy

Lancaster Colony Corporation  (LANC)

Unlike Recent Quarters, EPS Fell in 3Q

Leggett & Platt Inc.  (LEG)

Q1'17 Results from LEG; Reiterating Neutral Rating.

Microsoft Corp.  (MSFT)

Microsoft Reports Strong FQ3'17 Results; Increasing PT to $70

American Electric Power  (AEP)

Company Reports Solid First Quarter Earnings and Reaffirms 2017 Guidance

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

Teradata Corp.  (TDC)

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

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

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

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 

Reports published April 19, 2017

Pinnacle Financial Partners (PNFP)

Loan Growth Accelerates; Reaffirming Neutral Rating

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 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 14, 2017

DDR Corp. (DDR)

Management Changes & Estimate Update

Investors Real Estate Trust  (IRET)

Third Quarter Results

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 8, 2017

Linear Technology Corp.  (LLTC)

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

Reports published March 6, 2017

Kroger Co. (KR)

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

Reports published February 21, 2017

The J.M. Smucker Company (SJM)

3Q Results Were A Bit Light, In Our View