NEW YORK (TheStreet) -- Shares of Regions Financial Corp. (RF - Get Report) are rising 2% to $8.65 on heavy trading volume Friday afternoon after the company released better-than-expected results for the 2016 first quarter.

Before today's opening bell, the Birmingham, AL-based bank posted earnings of 20 cents per diluted share, topping analysts' estimates by one cent.

Revenue for the quarter was $1.37 billion, above Wall Street's expectations of $1.34 billion.

"These results illustrate that we are successfully executing our strategic plan, which includes reducing expenses so we can invest in new revenue initiatives," Chairman, President and CEO Grayson Hall said in a statement.

"We are demonstrating that we can increase revenue while prudently managing expenses, which puts us on track to reach our long-term performance targets," he added.

About 28.48 million of the company's shares changed hands so far today vs. its average volume of 19.09 million shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.

The primary factors that have impacted the rating are mixed.

The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and increase in net income. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: RF