UPDATE: Hilliard Lyons Downgrades HopFed Bancorp to Neutral Ahead of 1Q13 Results

In a report published Friday, Hilliard Lyons analyst Ross A. Demmerle downgraded the rating on HopFed Bancorp (NASDAQ: HFBC) from Long-Term Buy to Neutral.

In the report, Demmerle noted, “HopFed Bancorp's stock price exceeded and hovered near Hilliard Lyons' former price target of $11 per share. Year to date the stock is up 25%, easily surpassing 10% appreciation in the NASDAQ Bank Index. Hilliard Lyons is raising its 2013 earnings per share estimate from $0.44 to $0.47 reflecting the absence of special charges we believed would be incurred for the redemption of preferred stock. This minor non-recurring item came in the 4Q12 instead of 1Q13. Results for the 1Q13 should be reported the week of April 28 and Hilliard Lyons is looking for $0.10 vs. $0.06. The significant improvement is largely due to not having to pay dividends for TARP.”

HopFed Bancorp closed on Thursday at $10.76.