Downgrades Outperform Neutral X

AFH Atlas Financial

Boenning & Scattergood

Downgrades Outperform Neutral X

AOS A.O. Smith

Boenning & Scattergood

Upgrades Neutral Outperform X

AOS A.O. Smith

Boenning & Scattergood

Downgrades Outperform Neutral X

ARGO Argo Group

Boenning & Scattergood

Initiated Outperform X

ARGO Argo Group

Boenning & Scattergood

$72

Initiated Outperform X

BDGE Bridge Bancorp

Boenning & Scattergood

$34

Downgrades Outperform Neutral X

BMTC Bryn Mawr Bank

Boenning & Scattergood

Downgrades Outperform Neutral X

BMTC Bryn Mawr Bank

Boenning & Scattergood

Downgrades Outperform Neutral X

BPRN Bank of Princeton

Boenning & Scattergood

Upgrades Neutral Outperform X

BPRN Bank of Princeton

Boenning & Scattergood

$33

Downgrades Outperform Neutral X

BPRN Bank of Princeton

Boenning & Scattergood

Upgrades Neutral Outperform X

BWFG Bankwell Financial Group

Boenning & Scattergood

$33

Upgrades Under Perform Neutral X

CHFC Chemical Financial Corp.

Boenning & Scattergood

Downgrades Outperform Neutral X

CIVB Civista Bancshares

Boenning & Scattergood

Initiated Neutral X

CWT California Water

Boenning & Scattergood

Initiated Outperform X

DEA Easterly Government Properties

Boenning & Scattergood

Downgrades Neutral Under Perform X

DRH Diamondrock Hospitality

Boenning & Scattergood

Upgrades Neutral Outperform X

EIG Employers Holdings

Boenning & Scattergood

$49

Upgrades Neutral Outperform X

EIG Employers Holdings

Boenning & Scattergood

Initiated Neutral X

EIG Employers Holdings

Boenning & Scattergood

Initiated Outperform X

EPRT Essential Properties Realty Trust

Boenning & Scattergood

$17

Initiated Outperform X

FCPT Four Corners Property Trust

Boenning & Scattergood

Upgrades Neutral Outperform X

FELE Franklin Electric

Boenning & Scattergood

$95

Downgrades Outperform Neutral X

FELE Franklin Electric

Boenning & Scattergood

Initiated Neutral X

FLIC The First of Long Island

Boenning & Scattergood

Initiated Outperform X

FMNB Farmers National

Boenning & Scattergood

$14.50

Initiated Outperform X

GOOD Gladstone Commercial

Boenning & Scattergood

$21

Upgrades Neutral Outperform X

HALL Hallmark Capital Corp.

Boenning & Scattergood

$13 $14

Initiated Neutral X

IEX IDEX Corp

Boenning & Scattergood

Initiated Neutral X

IRET Investors Real Estate Trust

Boenning & Scattergood

Initiated Outperform X

IRT Independence Realty Trust

Boenning & Scattergood

Upgrades Neutral Outperform X

LBAI Lakeland

Boenning & Scattergood

$19

Initiated Neutral X

LBAI Lakeland

Boenning & Scattergood

Upgrades Neutral Outperform X

LCNB LCNB

Boenning & Scattergood

$17.50

Upgrades Under Perform Neutral X

LHO LaSalle Hotel

Boenning & Scattergood

Initiated Neutral X

LKFN Lakeland Financial

Boenning & Scattergood

Downgrades Outperform Neutral X

LNN Lindsay Corp

Boenning & Scattergood

Upgrades Neutral Outperform X

MBCN Middlefield Banc

Boenning & Scattergood

$24

Downgrades Outperform Neutral X

MKL Markel Corp

Boenning & Scattergood

Initiated Neutral X

MLI Mueller Industries

Boenning & Scattergood

Initiated Outperform X

MNR Monmouth Real Estate

Boenning & Scattergood

Downgrades Outperform Neutral X

MSEX Middlesex Water

Boenning & Scattergood

Downgrades Outperform Neutral X

MWA Mueller Water

Boenning & Scattergood

Upgrades Neutral Outperform X

MWA Mueller Water

Boenning & Scattergood

$16

Downgrades Outperform Neutral X

MWA Mueller Water

Boenning & Scattergood

Initiated Outperform X

NXRT NexPoint Residential

Boenning & Scattergood

Upgrades Neutral Outperform X

OCFC OceanFirst Finl

Boenning & Scattergood

$24

Downgrades Outperform Neutral X

OCFC OceanFirst Finl

Boenning & Scattergood

Initiated Outperform X

OCFC OceanFirst Finl

Boenning & Scattergood

Upgrades Neutral Outperform X

PEI Pennsylvania R.E.I.T.

Boenning & Scattergood

Initiated Neutral X

PEI Pennsylvania R.E.I.T.

Boenning & Scattergood

Downgrades Outperform Neutral X

PK Park Hotels & Resorts

Boenning & Scattergood

Initiated Outperform X

PNR Pentair

Boenning & Scattergood

$100

Upgrades Neutral Outperform X

SASR Sandy Spring Banc

Boenning & Scattergood

Upgrades Neutral Outperform X

SHO Sunstone Hotel

Boenning & Scattergood

Initiated Outperform X

THG Hanover Insurance

Boenning & Scattergood

$145

Upgrades Neutral Outperform X

TRCB Two River Bancorp

Boenning & Scattergood

$18

Initiated Neutral X

UBSH Union Bankshares

Boenning & Scattergood

Initiated Outperform X

UMH UMH Properties

Boenning & Scattergood

Upgrades Neutral Outperform X

VMI Valmont

Boenning & Scattergood

$350

Downgrades Outperform Neutral X

VMI Valmont

Boenning & Scattergood

Initiated Outperform X

WASH Washington Trust

Boenning & Scattergood

Downgrades Outperform Neutral X

WSFS WSFS Financial

Boenning & Scattergood

Upgrades Neutral Outperform X

WTR Aqua America

Boenning & Scattergood

Downgrades Outperform Neutral X

WTR Aqua America

Boenning & Scattergood

Downgrades Outperform Neutral X

WTS Watts Water Tech.

Boenning & Scattergood