UPDATE: KBW Raises PT on Fulton Financial Corp. to $10 (FULT)

KBW is out with its report today on Fulton Financial Corp. FULT, raising its PT to $10.

In a note to clients, KBW writes, "After the close, Fulton announced a 33% increase in its quarterly cash dividend to $0.04 per share (from $0.03). The increase implies a bump up in the reported payout ratio to 25% (from 19%). We believe the dividend increase reflects management's growing confidence in its credit outlook and a favorable margin trend that should enhance earnings power in the near term."

KBW maintains Market Perform on FULT.

Shares of FULT closed Tuesday at $10.79, down 0.55%.