Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

CNB Financial (CCNE) is a stock many investors are watching right now. CCNE is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 11.37. This compares to its industry's average Forward P/E of 12.62. Over the past year, CCNE's Forward P/E has been as high as 11.84 and as low as 7.21, with a median of 8.85.

We should also highlight that CCNE has a P/B ratio of 1.08. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 1.40. CCNE's P/B has been as high as 1.12 and as low as 0.73, with a median of 0.88, over the past year.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. CCNE has a P/S ratio of 1.63. This compares to its industry's average P/S of 2.03.

Finally, we should also recognize that CCNE has a P/CF ratio of 10.24. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 26.43. Over the past year, CCNE's P/CF has been as high as 10.61 and as low as 6.40, with a median of 7.20.

These are only a few of the key metrics included in CNB Financial's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, CCNE looks like an impressive value stock at the moment.

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