Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is First Bank (FRBA). FRBA is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 9.26. This compares to its industry's average Forward P/E of 11.10. Over the past year, FRBA's Forward P/E has been as high as 9.27 and as low as 6.80, with a median of 8.26.

Another valuation metric that we should highlight is FRBA's P/B ratio of 0.74. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 1.32. Within the past 52 weeks, FRBA's P/B has been as high as 0.79 and as low as 0.60, with a median of 0.70.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. FRBA has a P/S ratio of 1.3. This compares to its industry's average P/S of 1.89.

Finally, investors will want to recognize that FRBA has a P/CF ratio of 13.33. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 24.75. Over the past year, FRBA's P/CF has been as high as 24.80 and as low as 11.40, with a median of 18.54.

These are only a few of the key metrics included in First Bank'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, FRBA looks like an impressive value stock at the moment.

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