Shares of Comerica Incorporated (NYSE: CMA) traded nearly 5% higher as of 2:54 p.m. ET today after the bank updated its financial guidance at an industry conference this morning and said it would be exiting one of its lending businesses.

At an industry conference this morning, Comerica's CEO Curtis Farmer announced that the bank plans to exit its mortgage finance business.

"The cyclicality and seasonality inherent in this business line create volatility in capital management," adding that the bank plans to focus more on its target customer base. "Further, as the industry is navigating funding pressures, we want to prioritize businesses that can enhance our liquidity profile. We believe this strategic action enables better support of our core businesses while also improving the stability of our liquidity."

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Source Fool.com