Initiated Buy X

ACNB ACNB Corporation

Janney

$53

Initiated Buy X

AFG American Fincl

Janney

$135

Initiated Buy X

AGNC AGNC Investment

Janney

$10.50

Downgrades Neutral Sell X

AGR AVANGRID

Janney

$35

Upgrades Neutral Buy X

AGR AVANGRID

Janney

$45 $55

Downgrades Neutral Sell X

AGR AVANGRID

Janney

$50 $46

Resumed Buy X

AGRX Agile Therapeutics

Janney

$4

Initiated Buy X

AINC Ashford

Janney

$87

Initiated Buy X

AIRC Apartment Income REIT Corp.

Janney

$40

Initiated Buy X

ALDX Aldeyra Therapeutics

Janney

Initiated Buy X

ALEX Alexander & Baldwin

Janney

$20

Upgrades Neutral Buy X

ALLY Ally Financial

Janney

Downgrades Buy Neutral X

AMAG AMAG Pharma

Janney

Upgrades Neutral Buy X

AMAG AMAG Pharma

Janney

Initiated Neutral X

AMSF Amerisafe

Janney

$58

Downgrades Buy Neutral X

AMTB Amerant Bancorp

Janney

$25

Resumed Buy X

AMTB Amerant Bancorp

Janney

$25

Upgrades Neutral Buy X

AMTB Mercantil Bank

Janney

Initiated Buy X

AOMR Angel Oak Mortgage REIT

Janney

$13

Initiated Neutral X

AQN Algonquin Power & Utilities

Janney

Initiated Neutral X

ARR ARMOUR Residential REIT

Janney

$20

Initiated Buy X

ARRY Array Tech

Janney

$37

Initiated Buy X

ARTNA Artesian Resources

Janney

Upgrades Neutral Buy X

AVBH Avidbank Holdings

Janney

$26

Initiated Neutral X

AVBH Avidbank Holdings

Janney

$21

Initiated Buy X

AVRO AVROBIO

Janney

Initiated Buy X

AVTR Avantor

Janney

$27

Initiated Buy X

AVXL Anavex

Janney

Upgrades Neutral Buy X

AWK American Water Works

Janney

Upgrades Neutral Buy X

AWK American Water Works

Janney

$159

Upgrades Neutral Buy X

AWK American Water Works

Janney

Upgrades Neutral Buy X

AX Axos Financial

Janney

$54

Downgrades Buy Neutral X

AX Axos Financial

Janney

Initiated Buy X

AX Axos Financial

Janney

$48

Upgrades Neutral Buy X

BANC Banc of California

Janney

$22

Downgrades Buy Neutral X

BANR Banner

Janney

Upgrades Neutral Buy X

BANR Banner

Janney

$68

Downgrades Buy Neutral X

BANR Banner

Janney

$55

Initiated Buy X

BCBP BCB Bancorp

Janney

Initiated Buy X

BCSF Bain Capital Specialty Finance

Janney

Resumed Buy X

BDSI BioDelivery Sciences

Janney

$5

Downgrades Buy Neutral X

BHLB Berkshire Hills Bancorp

Janney

$28

Upgrades Neutral Buy X

BLUE Bluebirdbio

Janney

Initiated Neutral X

BLUE Bluebirdbio

Janney

Upgrades Neutral Buy X

BMRC Bank of Marin

Janney

Initiated Neutral X

BPRN Bank of Princeton

Janney

$31

Downgrades Buy Neutral X

BSRR Sierra Bancorp

Janney

Upgrades Neutral Buy X

BSRR Sierra Bancorp

Janney

$23

Downgrades Buy Neutral X

BSRR Sierra Bancorp

Janney

Initiated Buy X

BWXT BWX Technologies

Janney

$113

Upgrades Neutral Buy X

BXSL Blackstone Secured Lending Fund

Janney

$26 $27

Upgrades Neutral Buy X

BY Byline Bancorp

Janney

Downgrades Buy Neutral X

CADE Cadence Bank

Janney

$29 $30

Upgrades Neutral Buy X

CADE Cadence Bank

Janney

$35

Upgrades Neutral Buy X

CARA Cara Therapeutics

Janney

Downgrades Buy Neutral X

CATC Cambridge Bancorp

Janney

$87

Initiated Buy X

CATC Cambridge Bancorp

Janney

Downgrades Buy Neutral X

CBAN Colony Bankcorp

Janney

$14

Initiated Neutral X

CBFV CB Financial Service

Janney

$25

Initiated Buy X

CBNK Capital Bancorp

Janney

Initiated Buy X

CBU Community Bank

Janney

$66

Upgrades Neutral Buy X

CCBG Capital City Bank

Janney

$37.50

Downgrades Buy Neutral X

CCLP CSI Compressco LP

Janney

Upgrades Neutral Buy X

CDMO Avid Bioservices

Janney

$10

Downgrades Buy Neutral X

CDMO Avid Bioservices

Janney

Upgrades Neutral Buy X

CFB CrossFirst Bankshares

Janney

$21

Initiated Neutral X

CFB CrossFirst Bankshares

Janney

Initiated Neutral X

CHCO City Holding Co

Janney

$91

Upgrades Neutral Buy X

CHCT Community Healthcare Trust

Janney

$44

Downgrades Buy Neutral X

CHCT Community Healthcare Trust

Janney

Upgrades Neutral Buy X

CHMG Chemung Financial

Janney

Initiated Buy X

CHMI Cherry Hill Mortgage

Janney

$4

Downgrades Buy Neutral X

CHPT ChargePoint

Janney

Initiated Neutral X

CINF Cincinnati Fincl

Janney

Initiated Buy X

CIVB Civista Bancshares

Janney

$27

Initiated Buy X

CLBK Columbia Financial

Janney

$18

Upgrades Neutral Buy X

CLDT Chatham Lodging

Janney

Upgrades Neutral Buy X

CNCE Concert Pharmaceuticals

Janney

Initiated Neutral X

CNCE Concert Pharmaceuticals

Janney

Resumed Buy X

COLL Collegium Pharmaceutical

Janney

$29

Downgrades Buy Neutral X

CPK Chesapeake Utilities

Janney

Upgrades Neutral Buy X

CPK Chesapeake Utilities

Janney

Downgrades Buy Neutral X

CPK Chesapeake Utilities

Janney

Upgrades Neutral Buy X

CPT Camden Property

Janney

Upgrades Neutral Buy X

CRMT America’s Car-Mart

Janney

Upgrades Neutral Buy X

CSR Centerspace

Janney

$72

Downgrades Buy Neutral X

CSR Centerspace

Janney

Downgrades Buy Neutral X

CSTR CapStar Financial

Janney

$19

Initiated Buy X

CTBI Community Trust Bancorp

Janney

$49

Downgrades Buy Neutral X

CURO CURO Group

Janney

Downgrades Buy Neutral X

CVBF CVB Financial

Janney

Upgrades Neutral Buy X

CVBF CVB Financial

Janney

Downgrades Buy Neutral X

CVBF CVB Financial

Janney

Upgrades Neutral Buy X

CVCY Central Valley Bancorp

Janney

$18 $20

Upgrades Neutral Buy X

CWBC Community West Bancshares

Janney

$15

Initiated Neutral X

CWBC Community West Bancshares

Janney

Upgrades Neutral Buy X

CWCO Consolidated Water

Janney

$24 $28

Downgrades Buy Neutral X

CWCO Consolidated Water

Janney

Upgrades Neutral Buy X

CWCO Consolidated Water

Janney

$24

Downgrades Buy Neutral X

CWCO Consolidated Water

Janney

$19

Upgrades Neutral Buy X

CWCO Consolidated Water

Janney

$20

Downgrades Buy Neutral X

CWCO Consolidated Water

Janney

Upgrades Neutral Buy X

CWT California Water

Janney

$66

Downgrades Buy Neutral X

CWT California Water

Janney

Upgrades Neutral Buy X

CZFS Citizens Financial Serv.

Janney

$53

Downgrades Buy Neutral X

CZFS Citizens Financial Serv.

Janney

Initiated Neutral X

CZNC Citizens & Northern Corp.

Janney

$21

Downgrades Buy Neutral X

DEI Douglas Emmett

Janney

Upgrades Neutral Buy X

DEI Douglas Emmett

Janney

Upgrades Neutral Buy X

DEPO DepoMed

Janney

Initiated Neutral X

DHI D.R. Horton

Janney

Upgrades Neutral Buy X

DHR Danaher

Janney

Initiated Buy X

DNLI Denali Therapeutics

Janney

Initiated Buy X

DX Dynex Capital

Janney

$13.50

Downgrades Buy Neutral X

EBC Eastern Bankshares

Janney

$17

Downgrades Buy Neutral X

EBMT Eagle Bancorp Montana

Janney

Upgrades Neutral Buy X

ECPG Encore Capital

Janney

Downgrades Buy Neutral X

EIG Employers Holdings

Janney

Initiated Buy X

EIG Employers Holdings

Janney

$50

Downgrades Buy Neutral X

ENPH Enphase Energy

Janney

Upgrades Neutral Buy X

ENPH Enphase Energy

Janney

$282

Initiated Neutral X

ENPH Enphase Energy

Janney

$238

Upgrades Neutral Buy X

ENVA Enova International

Janney

$49

Downgrades Buy Neutral X

ENVA Enova International

Janney

$46 $48

Downgrades Buy Neutral X

ENVX Enovix

Janney

Initiated Buy X

ENVX Enovix

Janney

$23

Upgrades Neutral Buy X

EPR EPR Properties

Janney

Downgrades Buy Neutral X

EPR EPR Properties

Janney

Upgrades Neutral Buy X

ES Eversource Energy

Janney

Downgrades Buy Neutral X

ES Eversource Energy

Janney

Downgrades Buy Neutral X

ESS Essex Property

Janney

$241

Upgrades Neutral Buy X

ESS Essex Property

Janney

Initiated Buy X

EWBC East West Banc

Janney

$68

Upgrades Neutral Buy X

FBIZ First Business Financial

Janney

$24

Upgrades Neutral Buy X

FBK FB Financial

Janney

$34 $35.50

Initiated Buy X

FBK FB Financial

Janney

Downgrades Buy Neutral X

FBMS First Bancshares

Janney

Upgrades Neutral Buy X

FBMS First Bancshares

Janney

$33.50 $39

Downgrades Buy Neutral X

FBMS First Bancshares

Janney

Downgrades Buy Neutral X

FBNC First Bancorp

Janney

Initiated Buy X

FBRT Franklin BSP Realty Trust

Janney

$16

Downgrades Buy Neutral X

FCF First Commonwealth

Janney

$16 $19

Initiated Buy X

FCF First Commonwealth

Janney

$16

Downgrades Buy Neutral X

FCPT Four Corners Property Trust

Janney

$30

Initiated Buy X

FCPT Four Corners Property Trust

Janney

$32

Upgrades Neutral Buy X

FFNW First Financial Northwest

Janney

Downgrades Buy Neutral X

FGBI First Guaranty Bancshares

Janney

Upgrades Neutral Buy X

FIBK First Interstate Bancsystem

Janney

$42

Downgrades Buy Neutral X

FIBK First Interstate Bancsystem

Janney

Upgrades Neutral Buy X

FLDM Fluidigm

Janney

Initiated Buy X

FLNC Fluence

Janney

$30

Initiated Neutral X

FMAO Farmers and Merchants

Janney

$30

Initiated Neutral X

FMNB Farmers National

Janney

$14

Initiated Buy X

FOLD Amicus Therapeutics

Janney

Upgrades Neutral Buy X

FPI Farmland Partners

Janney

Downgrades Buy Neutral X

FPI Farmland Partners

Janney

Downgrades Neutral Sell X

FRC First Republic Bank

Janney

$10 $8

Upgrades Neutral Buy X

FRME First Merchants

Janney

$48

Upgrades Neutral Buy X

FSLR First Solar

Janney

$260

Downgrades Buy Neutral X

FSLR First Solar

Janney

Initiated Buy X

FSLR First Solar

Janney

$236

Downgrades Buy Neutral X

FSP Franklin Street Properties

Janney

Upgrades Neutral Buy X

FULT Fulton Fincl

Janney

$19.50

Initiated Neutral X

FULT Fulton Fincl

Janney

$19.50

Downgrades Buy Neutral X

FVCB FVCBankcorp

Janney

Downgrades Buy Neutral X

FXNC First National

Janney

Upgrades Neutral Buy X

FXNC First National

Janney

$21

Downgrades Buy Neutral X

FXNC First National

Janney

$19

Initiated Buy X

FXNC First National

Janney

$21.50

Initiated Buy X

GBT Global Blood Therapeutics

Janney

Initiated Neutral X

GECC Great Elm Capital

Janney

$12

Initiated Neutral X

GLAD Gladstone

Janney

Downgrades Buy Neutral X

GMRE Global Medical REIT

Janney

Downgrades Buy Neutral X

GNRC Generac

Janney

$126 $154

Upgrades Neutral Buy X

GNRC Generac

Janney

Initiated Buy X

GNRC Generac

Janney

$160

Downgrades Buy Neutral X

GOOD Gladstone Commercial

Janney

$17.50

Initiated Buy X

GWRS Global Water Resources

Janney

$17

Upgrades Neutral Buy X

HAFC Hanmi Financial

Janney

Upgrades Neutral Buy X

HAFC Hanmi Financial

Janney

Downgrades Buy Neutral X

HBIO Harvard Biosci

Janney

$2

Downgrades Buy Neutral X

HFWA Heritage Financial Corp.

Janney

Upgrades Neutral Buy X

HIG Hartford Financial

Janney

Upgrades Neutral Buy X

HIW Highwoods Prop

Janney

$43

Upgrades Neutral Buy X

HIW Highwoods Prop

Janney

Upgrades Neutral Buy X

HMST HomeStreet

Janney

$13.50

Initiated Buy X

HONE HarborOne Bancorp

Janney

Upgrades Neutral Buy X

HRMY Harmony Biosciences

Janney

$57 $61

Initiated Neutral X

HRZN Horizon Technology Finance

Janney

$10

Upgrades Neutral Buy X

HT Hersha Hospitality Trust

Janney

Upgrades Neutral Buy X

HTBI HomeTrust Bank

Janney

Downgrades Buy Neutral X

HWC Hancock Whitney

Janney

$44.50

Initiated Neutral X

IBTX Independent Bank Group

Janney

Downgrades Buy Neutral X

IEX IDEX Corp

Janney

Upgrades Neutral Buy X

IEX IDEX Corp

Janney

Downgrades Buy Neutral X

INBK First Internet Bancorp

Janney

$37 $32

Upgrades Neutral Buy X

INBK First Internet Bancorp

Janney

$36

Downgrades Buy Neutral X

INSY Insys Therapeutics

Janney

Resumed Buy X

INSY Insys Therapeutics

Janney

Initiated Buy X

IO ION Geophysical

Janney

$35

Upgrades Neutral Buy X

ISBC Investors Bancorp

Janney

Initiated Buy X

ITRI Itron

Janney

$131

Initiated Buy X

IVR Invesco Mortgage Capital

Janney

$10

Initiated Buy X

KINS Kingstone

Janney

$6.50

Upgrades Neutral Buy X

KWR Quaker Chemical

Janney

Resumed Neutral X

KWR Quaker Chemical

Janney

$198

Initiated Neutral X

KWR Quaker Chemical

Janney

$170

Initiated Buy X

LB LandBridge

Janney

$36

Downgrades Buy Neutral X

LC Lending Club

Janney

$10

Upgrades Neutral Buy X

LC Lending Club

Janney

$32

Initiated Neutral X

LCNB LCNB

Janney

$19

Downgrades Buy Neutral X

LNZA LanzaTech

Janney

Initiated Buy X

LNZA LanzaTech

Janney

$10

Upgrades Neutral Buy X

MAA Mid-America Aptmt

Janney

$150

Downgrades Buy Neutral X

MAA Mid-America Aptmt

Janney

Initiated Neutral X

MBCN Middlefield Banc

Janney

$30

Downgrades Buy Neutral X

MBWM Mercantile Bank

Janney

Upgrades Neutral Buy X

MBWM Mercantile Bank

Janney

Initiated Buy X

MCBC Macatawa Bank Corporation

Janney

$11

Initiated Buy X

MDV Modiv

Janney

$20

Initiated Buy X

MFA MFA Financial

Janney

$14

Downgrades Buy Neutral X

MKL Markel Group

Janney

$1600

Initiated Buy X

MKL Markel Corp

Janney

$1550

Initiated Buy X

MRKR Marker International

Janney

Upgrades Neutral Buy X

MSEX Middlesex Water

Janney

Downgrades Buy Neutral X

MSEX Middlesex Water

Janney

Upgrades Neutral Buy X

MSEX Middlesex Water

Janney

Downgrades Buy Neutral X

MSEX Middlesex Water

Janney

$73

Upgrades Neutral Buy X

MSEX Middlesex Water

Janney

$58 $66

Downgrades Buy Neutral X

MSEX Middlesex Water

Janney

Downgrades Buy Neutral X

MSEX Middlesex Water

Janney

Initiated Neutral X

MTH Meritage

Janney

Downgrades Buy Neutral X

MVST Microvast

Janney

Initiated Buy X

MVST Microvast

Janney

$8

Upgrades Neutral Buy X

NBTB NBT Bancorp

Janney

Initiated Buy X

NITE Nightstar Therapeutics

Janney

$34

Upgrades Neutral Buy X

NKSH Natl Bankshares

Janney

Initiated Neutral X

NKSH Natl Bankshares

Janney

$37

Initiated Buy X

NLY Annaly Capital Mgmt

Janney

$21

Initiated Buy X

NMFC New Mountain Finance

Janney

Downgrades Buy Neutral X

NNN NNN REIT

Janney

$43

Upgrades Neutral Buy X

NNN NNN REIT

Janney

$48

Downgrades Buy Neutral X

NOVA Sunnova Energy

Janney

Upgrades Neutral Buy X

NOVA Sunnova Energy

Janney

$12

Downgrades Buy Neutral X

NOVA Sunnova Energy

Janney

Initiated Buy X

NOVA Sunnova Energy

Janney

$33

Initiated Buy X

NPWR NET Power

Janney

$36

Initiated Buy X

NTRP Neurotrope

Janney

$14

Initiated Neutral X

NWBI Northwest Bancshares

Janney

$15

Initiated Buy X

NWFL Norwood Financial Corp.

Janney

$31

Upgrades Neutral Buy X

NWN Northwest Natural

Janney

Initiated Neutral X

NWN Northwest Natural

Janney

$39

Upgrades Neutral Buy X

NXRT NexPoint Residential

Janney

Initiated Buy X

NXT Nextracker

Janney

$43

Initiated Neutral X

NYMT New York Mortgage Trust

Janney

$7

Downgrades Buy Neutral X

O Realty Income

Janney

Initiated Neutral X

OCSL Oaktree Specialty Lending Corp

Janney

Upgrades Neutral Buy X

OCX OncoCyte

Janney

Downgrades Buy Neutral X

OCX OncoCyte

Janney

Upgrades Neutral Buy X

OMF OneMain Holdings

Janney

Initiated Buy X

OPAL OPAL Fuels

Janney

$13

Initiated Buy X

ORC Orchid Island Capital

Janney

$9.50

Upgrades Neutral Buy X

ORCC Owl Rock Capital

Janney

$15

Initiated Buy X

ORRF Orrstown Financial Services

Janney

$32

Upgrades Neutral Buy X

PB Prosperity Bancshares

Janney

$76

Downgrades Buy Neutral X

PB Prosperity Bancshares

Janney

$80

Initiated Neutral X

PEBO Peoples Bancorp

Janney

$28

Initiated Buy X

PHM PulteGroup

Janney

Downgrades Buy Neutral X

PKI PerkinElmer

Janney

Resumed Buy X

PLXP PLx Pharma

Janney

Downgrades Buy Neutral X

PPBI Pacific Premier

Janney

Initiated Neutral X

PRA ProAssurance

Janney

$21

Initiated Neutral X

PRK Park National

Janney

$106

Downgrades Buy Neutral X

PROV Provident Fincl

Janney

Initiated Buy X

PSTL Postal Realty

Janney

$18

Upgrades Neutral Buy X

RBB RBB Bancorp

Janney

$24

Downgrades Buy Neutral X

RBNC Reliant Bancorp

Janney

Downgrades Buy Neutral X

RCII Rent-A-Center

Janney

Resumed Buy X

REPH Recro Pharma

Janney

$13

Upgrades Neutral Buy X

RGCO RGC Resources

Janney

Upgrades Neutral Buy X

RGCO RGC Resources

Janney

Upgrades Neutral Buy X

RM Regional Mgmt

Janney

Initiated Buy X

RPT Rithm Property Trust

Janney

$4

Downgrades Buy Neutral X

RUN Sunrun

Janney

Upgrades Neutral Buy X

RUN Sunrun

Janney

Initiated Neutral X

RUN Sunrun

Janney

$30

Initiated Neutral X

RWAY Runway Growth Finance

Janney

$12

Downgrades Buy Neutral X

SABK South Atlantic Bancshares

Janney

Upgrades Neutral Buy X

SABK South Atlantic Bancshares

Janney

$17.25

Downgrades Buy Neutral X

SABK South Atlantic Bancshares

Janney

$16 $14

Upgrades Neutral Buy X

SABK South Atlantic Bancshares

Janney

$16

Initiated Buy X

SACH Sachem Capital

Janney

Initiated Buy X

SAR Saratoga Investment

Janney

$27

Upgrades Neutral Buy X

SAR Saratoga Investment

Janney

Initiated Neutral X

SASR Sandy Spring Banc

Janney

$25

Upgrades Neutral Buy X

SBNY Signature Bank

Janney

Downgrades Buy Neutral X

SBS Saneamento Basico

Janney

Downgrades Buy Neutral X

SC Santander Consumer USA

Janney

Upgrades Neutral Buy X

SC Santander Consumer USA

Janney

Initiated Neutral X

SCM Stellus Capital

Janney

$11

Reiterated Buy X

SEAS SeaWorld Entertainment

Janney

$31 $38

Downgrades Buy Neutral X

SEDG SolarEdge Technologies

Janney

Initiated Buy X

SEDG SolarEdge Technologies

Janney

$351

Initiated Buy X

SELB Selecta Biosciences

Janney

$33

Downgrades Buy Neutral X

SFST Southern First Bancshares

Janney

Downgrades Buy Neutral X

SHBI Shore Bancshares

Janney

Upgrades Neutral Buy X

SHBI Shore Bancshares

Janney

Initiated Neutral X

SHBI Shore Bancshares

Janney

Initiated Buy X

SHLS Shoals Technologies

Janney

$20

Initiated Neutral X

SIGI Selective Insurance

Janney

$96

Downgrades Buy Neutral X

SIVB SVB Financial Group

Janney

Upgrades Neutral Buy X

SIVB SVB Financial Group

Janney

$875

Downgrades Buy Neutral X

SIVB SVB Financial Group

Janney

$700

Upgrades Neutral Buy X

SIVB SVB Financial Group

Janney

$600

Downgrades Buy Neutral X

SJI South Jersey Industries

Janney

Upgrades Neutral Buy X

SJW SJW

Janney

Downgrades Buy Neutral X

SMBK SmartFinancial

Janney

$30

Downgrades Buy Neutral X

SMMT Summit Therapeutics

Janney

Initiated Buy X

SMMT Summit Therapeutics

Janney

Upgrades Neutral Buy X

SNV Synovus

Janney

$38

Initiated Neutral X

SPWR SunPower

Janney

$16

Initiated Neutral X

SR Spire

Janney

$73

Downgrades Buy Neutral X

SRC Spirit Realty Capital

Janney

$40

Upgrades Neutral Buy X

SRC Spirit Realty Capital

Janney

$52 $53

Initiated Neutral X

STBA S&T Bancorp

Janney

$32

Initiated Buy X

STEM Stem

Janney

$12

Downgrades Buy Neutral X

STOR STORE Capital

Janney

Downgrades Buy Neutral X

SVC Service Properties Trust

Janney

Upgrades Neutral Buy X

TCBI Texas Capital

Janney

Downgrades Buy Neutral X

TCBK TriCo Bancshares

Janney

Upgrades Neutral Buy X

TCBK TriCo Bancshares

Janney

$49

Upgrades Neutral Buy X

TECH Bio-Techne

Janney

$200 $270

Upgrades Neutral Buy X

THFF First Financial

Janney

$58

Downgrades Buy Neutral X

THG Hanover Insurance

Janney

$176

Initiated Buy X

THG Hanover Insurance

Janney

$164

Initiated Buy X

TLC Taiwan Liposome

Janney

Initiated Neutral X

TMHC Taylor Morrison Home

Janney

Initiated Buy X

TOL Toll Brothers

Janney

$80

Initiated Buy X

TPH TRI Pointe Homes

Janney

Initiated Buy X

TRIN Trinity Capital

Janney

$15

Initiated Buy X

TRMK Trustmark

Janney

$42

Downgrades Buy Neutral X

TRV Travelers

Janney

$280

Downgrades Buy Neutral X

TTOO T2 Biosystems

Janney

Initiated Buy X

TWO Two Harbors Investment

Janney

$15

Initiated Buy X

UBSI United Bankshares

Janney

$40

Downgrades Buy Neutral X

UCBI United Comm Banks

Janney

Upgrades Neutral Buy X

UMBF UMB Financial Corporation

Janney

$73

Downgrades Buy Neutral X

UMBF UMB Financial Corporation

Janney

$94

Upgrades Neutral Buy X

UMBF UMB Financial Corporation

Janney

$115

Initiated Buy X

UNTY Unity Bancorp

Janney

$32

Upgrades Neutral Buy X

USAC USA Compression Partners

Janney

Downgrades Buy Neutral X

UTL UNITIL Corporation

Janney

Downgrades Buy Neutral X

VCYT Veracyte

Janney

Upgrades Neutral Buy X

VCYT Veracyte

Janney

Initiated Buy X

VLY Valley National

Janney

Initiated Buy X

VST Vistra Energy

Janney

$82

Downgrades Buy Neutral X

WAT Waters

Janney

Downgrades Buy Neutral X

WNEB Western New England Bancorp

Janney

Upgrades Neutral Buy X

WNEB Western New England Bancorp

Janney

Initiated Buy X

WRB W.R. Berkley

Janney

$88

Initiated Neutral X

WSBC WesBanco Inc

Janney

$37

Downgrades Buy Neutral X

WSFS WSFS Financial

Janney

Initiated Buy X

WSFS WSFS Financial

Janney

$57

Upgrades Neutral Buy X

WTFC Wintrust Fin

Janney

Downgrades Buy Neutral X

WTFC Wintrust Fin

Janney

Upgrades Neutral Buy X

WTFC Wintrust Fin

Janney

$70

Upgrades Neutral Buy X

WTS Watts Water Tech.

Janney

Downgrades Buy Neutral X

WTS Watts Water Tech.

Janney

Upgrades Neutral Buy X

WTS Watts Water Tech.

Janney

Upgrades Neutral Buy X

XYL Xylem

Janney

$86

Downgrades Buy Neutral X

XYL Xylem

Janney

Upgrades Neutral Buy X

YORW York Water

Janney

$36 $37

Downgrades Buy Neutral X

YORW York Water

Janney

Initiated Buy X

YORW York Water

Janney

Downgrades Buy Neutral X

ZION Zions Bancorp

Janney

$35

Upgrades Neutral Buy X

ZION Zions Bancorp

Janney