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 January 18, 2018

Renasant Corporation (RNST)

Management Guides for Strong 2018 Loan Growth; Reiterating Neutral Rating


Adjusting for 2018 Guidance and Impact of Tax Cuts; Reiterating Neutral Rating

Artesian Resources Corp. (ARTNA)

Initiating 2019 Estimates, Reiterating Neutral Rating

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 10, 2018

Northwest Natural Gas Co.  (NWN)

Rolling Out 2019 Estimates and Adjusting for Rate Case Filing; Raising Price Target

Investment Perspectives

January 2018

Investment Strategies

January 2018: Looking Back and Looking Ahead

Hilliard Lyons Research Coverage List

January 2018


January 2018

Equity Highlights

January 2018

Recommended Stocks

January 2018

Buy and Long-term Buy Dividend Ideas

January 2018

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

Zoetis Inc. (ZTS)

Adjusting Estimates for Tax Reform

Reports published January 8, 2018

GoPro Inc. (GPRO)

Weak Preliminary Q4 Results; Restructurings Announced; Evaluating Potential Sale

Multi-Color Corporation  (LABL)

Upgrading to Long-term Buy

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 29, 2017

Industrials Monthly

Sector Update

Reports published December 22, 2017

Utilities Monthly

Natural Gas and Water

Reports published December 21, 2017

Aqua America, Inc.  (WTR)

Waving the White Flag; Upgrading to Neutral

Aegion Corporation (AEGN)

Downgrading to Neutral

Reports published December 20, 2017

Investment Strategies

December 20, 2017: Tax Reform -- Updated

Reports published December 19, 2017

Mid-America Apartment Communities  (MAA)

Estimates Adjustments

Urstadt Biddle Properties, Inc. (UBA)

Fourth Quarter Results

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 15, 2017

Closed-End Funds

Monthly Review (December-17)

Reports published December 14, 2017

Hillenbrand, Inc.  (HI)

Thoughts from Investor Day; Reiterating Neutral.

The Walt Disney Company  (DIS)

Disney to Acquire Key Assets from Fox; CEO Bob Iger to Stay Through 2021

Verifone Systems Inc.  (PAY)

Q4'17 EPS +47% Y/Y; New $100 Million Buyback; Soft FY'18 Outlook

Eli Lilly & Company (LLY)

A Review of 2018 Guidance; Raising Price Target and Maintaining Long-term Buy Rating

Reports published December 13, 2017

3M Company  (MMM)

2018 Outlook Meeting; Reiterating Neutral Rating

Fifth Third Bancorp  (FITB)

Key Takeaways from Investor Day Conference; Reaffirming Neutral Rating

Research's Top Ideas for Year-End 2017

Reports published December 12, 2017

Investors Real Estate Trust  (IRET)

Second Quarter Results

Reports published December 11, 2017

American Water Works Co. (AWK)

Soft Guide for 2018 Offset by Positive Tweaks to the 5-Year Plan; Reiterating Long-term Buy

Reports published December 7, 2017

Atmos Energy Corp.  (ATO)

Model Update Reflecting New Equity; Reiterating Neutral Rating

Reports published December 6, 2017

Regal Entertainment Group  (RGC)

Lowering Rating to Neutral Following Definitive Merger Agreement

Reports published December 1, 2017

VMware Inc.  (VMW)

Improving Fundamental Results; Raising Price Target

The Kroger Co.  (KR)

3Q Results Suggest Company is Faring Okay in Competitive Environment; Raising Price Target

Reports published November 27, 2017

GameStop Corp.  (GME)

3Q Results Were Better Than Expected

Reports published November 22, 2017

Gladstone Capital Corp.  (GLAD)

F4Q17 Review - Reaffirming Neutral Rating

Reports published November 21, 2017

New Jersey Resources Corp.  (NJR)

Q4'17 Results for NJR; Guidance for 2018

WGL Holdings, Inc.  (WGL)

Q4'17 Results from WGL; Reiterating Neutral

Reports published November 20, 2017

Southeast Bank Quarterly

3Q17 Review

Midwest Bank Quarterly

3Q17 Review

Kentucky Bank Quarterly

3Q17 Review

Reports published November 17, 2017

The J.M. Smucker Company  (SJM)

Encouraging 2Q Results; Raising Price Target

Hillenbrand, Inc. (HI)

Solid Q4'17 Results from HI; Reiterating Neutral

Spire Inc. (SR)

Strong Q4'17 from SR; Reiterating Long-term Buy

Reports published November 15, 2017

Atmos Energy Corp.  (ATO)

Few Surprises at ATO's November 15 Analyst Day; Tweaking Model.

Reports published November 13, 2017

Walt Disney Company  (DIS)

Review of 4Q Results; Price Target Raise

Reports published November 10, 2017

Chesapeake Utilities Corp. (CPK)

Strong Q3'17 EPS at CPK; Reiterating Long-term Buy Rating

Connecticut Water Service, Inc.  (CTWS)

Somewhat Disappointing Q3'17 Results for CTWS in Light of M&A; Reiterating Neutral Rating.

Teradata Corp.  (TDC)

Teradata Reports Solid Q3'17 Results; Guidance Tops Our View

Reports published November 9, 2017

Take-Two Interactive Software, Inc.  (TTWO)

Impressive 2Q Results; Valuation Remains Rich, In Our View

LTC Properties, Inc. (LTC)

Q3 Conference Call Discussion

South Jersey Industries, Inc.  (SJI)

Q3'17 Follow-Up; Revising Model and Reiterating Buy Rating

LTC Properties, Inc.  (LTC)

Q3 Earnings Overview

Reports published November 8, 2017

National Health Investors, Inc.   (NHI)

Conference Call Update

Tanger Factory Outlet Centers, Inc.  (SKT)

Third Quarter Results

TripAdvisor Inc.  (TRIP)

Disappointing Metrics; Downgrading to Neutral

Gladstone Land Corp.   (LAND)

Conference Call Discussion.  Lowering Rating to Neutral.

National Health Investors, Inc.   (NHI)

Third Quarter Earnings Highlights

Pinnacle Financial Partners  (PNFP)

Tweaking Estimates; Raising to Buy on Valuation

Activision Blizzard, Inc.  (ATVI)

Impressive 3Q Results; Moving to Neutral Rating

Gladstone Land Corp.   (LAND)

Q3 Results Below Our Estimate

Reports published November 7, 2017

SoTHERLY Hotels Inc.  (SOHO)

Third Quarter Results

Welltower, Inc.  (HCN)

Third Quarter a Little Under Our Expectations


ANSYS Reports Better Than Expected Q3'17 Results; Raises FY Guidance on Strength in Pervasive Simulation

Reports published November 3, 2017

South Jersey Industries, Inc.  (SJI)

Growth Remains Elusive at SJI in Q3'17, but Outlook Intact; Reiterating Buy

Physicians Realty Trust  (DOC)

Q3 Earnings Highlights.  Rating Changed to Buy.

Apple Inc.  (AAPL)

Record Global Sales, Strong iPhone X Demand, Record Holiday Quarter Guidance; Raising PT to $192

CBL & Associates Properties, Inc.  (CBL)

Rough Quarter.  Dividend Cut.

Artesian Resources Corp.   (ARTNA)

Q3'17 Results, Reiterating Neutral Rating

Ameren Corp.  (AEE)

AEE Reports Third Quarter Results and Narrows 2017 Earnings Guidance

Churchill Downs Incorporated  (CHDN)

Impressive 3Q Results

Vectren Corporation  (VVC)

Company Reports Positive Third Quarter Results and Raises Dividend

Duke Energy  (DUK)

Company Reports Solid Third Quarter Results and Narrows 2017 Earnings Guidance

Consolidated Edison  (ED)

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

CBL & Associates Properties, Inc.  (CBL)

Lowering to Neutral.  Dividend Cut.

Cedar Fair Entertainment Co.  (FUN)

3Q Results In Line With Our Expectations

HCP, Inc.  (HCP)

Third Quarter Conference Call Highlights

Reports published November 2, 2017

Facebook Inc. (FB)

Stellar Q3; FY'18 Expenses Above Forecast; Raising PT to $211

Cincinnati Bell  (CBB)

CBB Reports Solid Third Quarter Results; Company Completes Acquisition of OnX

The York Water Company  (YORW)

Q3'17 Results for YORW; Reiterating Underperform

Gladstone Investment Corporation  (GAIN)

F2Q18 Review - Reaffirming Neutral Rating

Healthcare Realty, Inc. (HR)

Conference Call Update

Whitestone REIT (WSR)

Third Quarter Results

DDR Corp.  (DDR)

Third Quarter Results

Southern Company  (SO)

Company Reaffirms 2017 Guidance and Provides Further Update on Vogtle Project

HCP, Inc. (HCP)

Third Quarter Earnings Highlights

Healthcare Realty, Inc. (HR)

Third Quarter Earnings Highlights

Triangle Capital Corporation  (TCAP)

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

Reports published November 1, 2017

PPL Corporation (PPL)

Company Reports Solid Third Quarter Earnings and Raises Low End of 2017 Earnings Guidance

NiSource Inc. (NI)

Company Reaffirms 2017 Expectations and Initiates 2018 Earnings Guidance

Electronic Arts Inc. (EA)

Good 2Q Results; Neutral Rating Based on Stock Valuation

Gladstone Commercial Corp.  (GOOD)

Conference Call Discussion

Frontier Communications  (FTR)

Company's Revenues Remain Under Pressure; We Maintain Our Underperform Rating

Gladstone Commercial Corp.  (GOOD)

Third Quarter Earnings

Reports published October 31, 2017

Omega Healthcare Investors, Inc.  (OHI)

Q3 Conference Call Discussion.  Rating, Target Price, Suitability and Estimate Changes. 

Alphabet Inc.  (GOOGL)

Solid Q3'17 Results, Raising Price Target to $1,100

German American Bancorp, Inc.  (GABC)

Loan Growth Remains Robust, but NIM Disappoints; Reaffirming Neutral Rating

GGP Inc.  (GGP)

Third Quarter Results

WWE, Inc.  (WWE)

Good 3Q Results

ONE Gas, Inc.  (OGS)

Strong Q3'17 from OGS; Reiterating Neutral Rating.

Dominion Energy  (D)

Company Reports Solid Third Quarter Results and Updates Future Earnings Guidance

Omega Healthcare Investors, Inc.  (OHI)

Q3 Earnings Update

Reports published October 30, 2017

HopFed Bancorp, Inc. (HFBC)

Net Interest Margin Continues to Expand; Reaffirming Neutral Rating

Education Realty Trust (EDR)

Third Quarter Results

Lancaster Colony Corporation  (LANC)

EPS Decline for Fiscal 1Q

Cerner Corp.  (CERN)

Cerner Reports Weak Q3 Results, Bookings, and Provides Poor Guidance - Reiterate Neutral

FirstEnergy  (FE)

Company Posts Solid Third Quarter Results & Raises 2017 Guidance; FES Exit Process Continues

Microsoft Corp.  (MSFT)

Strong FQ1 Results; Increasing PT to $86

Reports published October 27, 2017

Stock Yards Bancorp  (SYBT)

Loan Growth Slows; Reiterating Neutral 

Kite Realty Group Trust  (KRG)

Third Quarter Results

American Electric Power (AEP)

Third Quarter Earnings Negatively Impacted by Mild Weather

JAKKS Pacific, Inc.  (JAKK)

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

Ventas, Inc.  (VTR)

Third Quarter Earnings Highlights

Simon Property Group, Inc.  (SPG)

Third Quarter Results

Intel Corp.  (INTC)

Intel Q3 Results; Third Consecutive Beat and Raise Quarter

Chemical Financial Corporation  (CHFC)

3Q17 Review; Reaffirming Long-term Buy

Leggett & Platt Inc.  (LEG)

Better than Expected Q3'17 from LEG; Reiterating Long-term Buy Rating

NextEra Energy  (NEE)

Company Posts Positive 3Q Results; Maintain Long-term Buy and Raise Price Target to $170

Six Flags Entertainment Corp.  (SIX)

Solid 3Q Results Despite Weather Challenges; Fundamentals Remain Favorable

Huntington Bancshares Incorporated (HBAN)

3Q17 Review; Increasing Price Target to $15.50; Maintaining Buy Rating

Bristol-Myers Squibb Company  (BMY)

Solid Top Line Offset by Gross Margin Weakness

Reports published October 26, 2017

California Water Service Group  (CWT)

Strong Year Continues for CWT in Q3'17; Reiterating Neutral Rating

CMS Energy (CMS)

Company Raises Low End of 2017 Guidance Range and Introduces 2018 Expecations

Old National Bancorp  (ONB)

Reports Big Q3 Beat; Reaffirming Neutral Rating

Reports published October 25, 2017

AT&T (T)

Company Reports Mixed Third Quarter Results; Maintain Buy Rating for Income Oriented Investors

Weingarten Realty Investors  (WRI)

Good Quarter


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

Reports published October 24, 2017

Franklin Electric Co., Inc.  (FELE)

Mixed Q3 Results for FELE; Reiterating Neutral

Park National Corporation  (PRK)

3Q17 Review; Reaffirming Neutral Rating

Entergy Corporation (ETR)

Company Reports Sold Third Quarter Earnings and Reaffirms 2017 Guidance

American Campus Communities, Inc.  (ACC)

Third Quarter Results

Republic Bancorp, Inc.  (RBCAA)

Net Interest Margin Expansion Drives Beat; Retaining Neutral Rating

Reports published October 23, 2017

Procter & Gamble Co.  (PG)

Low Growth 1Q About As Expected

First Financial Bancorp  (FFBC)

3Q17 Review; Announces Increased Cost Savings from MSFG Acquisition; Reaffirming Neutral Rating

Reports published October 20, 2017

Community Trust Bancorp, Inc. (CTBI)

Reports Beat on Lower Provision Expense; Reiterating Neutral Rating

BB&T Corporation (BBT)

3Q17 Review; Reiterating Neutral Rating

Reports published October 19, 2017

eBay Inc.  (EBAY)

Q3 Results Provide Buying Opportunity; Raising PT to $44

Verizon Communications (VZ)

Company Reports Solid Third Quarter Results, Helped by Better Than Expected Wireless Growth

Landauer, Inc.  (LDR)

Dropping Coverage Due to the Company's Acquisition by Fortive Corporation

Renasant Corporation  (RNST)

Strong Loan Growth Continues with Metropolitan Onboard; Reiterating Neutral Rating

U.S. Bancorp  (USB)

3Q17 Earnings Review; Reiterating Neutral Rating

Reports published October 16, 2017

The PNC Financial Services Group, Inc.  (PNC)

Net Interest Margin Continues to Shine; Retaining Neutral Rating

Reports published October 2, 2017

First Potomac Realty Trust (FPO)

Company Acquired. Dropping Coverage.

Reports published September 13, 2017

European Society for Medical Oncology Annual Congress - ESMO 2017

A Review