Keefe, Bruyette & Woods Raises Estimates On M&T Bank

According to Keefe, Bruyette & Woods, M&T Bank MTB announced that the company successfully completed its $500mn non-cumulative perpetual preferred issuance with a 6.875% coupon that came in better than expected. Keefe, Bruyette & Woods said that the company has now completed the first leg of its capital plan with the redemption of $700 million in TARP capital expected to be done by the end of 2Q11. “The remaining $381.5 million of TARP may or may not come with a common equity raise in due time. Raising estimates, target.” M&T Bank closed yesterday at $87.35.