Comerica: Jobs Report Winner (Update 5)

Updated with market close information, the dismissal of Allstate's $700 million mortgage lawsuit against Bank of America, and the retirement of Bank of America president of home loans, Barbara Desoer..

NEW YORK (TheStreet) -- Comerica (CMA) was the winner among the largest banking names on Friday, with shares rising more than 6% to close at $30.08.

The entire market was lifted by a strong jobs report from the U.S. Labor Department, with total nonfarm payroll employment rising by 243,000 during January, with the unemployment rate declining to 8.3% from 8.5%. Government employment levels "changed little," while "job growth was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing."

The number of jobs added in December was revised upward to 203,000 from 200,000, while November's job growth figure was raised sharply to 157,000 from 100,000.

The The KBW Bank Index (I:BKX) rose over over 3% to close at 45.05.

Comerica is headquartered in Dallas, but still has a major presence in Michigan, which is benefiting from the auto manufacturing industry's recovery.

The company's chief economist Robert Dye said on Thursday that "recent stronger-than-expected U.S. economic data is good news for U.S. auto sales and that is good news for Michigan," adding that "total consumer debt as a percentage of income is very low right now, so there is ample room for many households to take on a new car payment once they feel more secure in their job prospects and more secure about the U.S. economy as a whole."

Dye added that "regional labor markets in Michigan remain patchy, but overall, unemployment rates are trending down. Soft house prices are still a problem for Michigan, as well as for most other states."

Please see TheStreet's regional earnings coverage for more information on Comerica's strong loan growth during the fourth quarter.

Comerica's shares have now risen 17% year-to-date, and the shares just below tangible book value according to HighlineFI, and for 13 times the consensus 2012 earnings estimate of $2.30 a share, among analysts polled by Thomson Reuters.

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