Investors interested in Banks - Major Regional stocks are likely familiar with Truist Financial Corporation (TFC) and Northern Trust Corporation (NTRS). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Truist Financial Corporation and Northern Trust Corporation are both sporting a Zacks Rank of # 2 (Buy) right now. Investors should feel comfortable knowing that both of these stocks have an improving earnings outlook since the Zacks Rank favors companies that have witnessed positive analyst estimate revisions. But this is just one piece of the puzzle for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

TFC currently has a forward P/E ratio of 11.97, while NTRS has a forward P/E of 13.84. We also note that TFC has a PEG ratio of 1.67. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. NTRS currently has a PEG ratio of 1.74.

Another notable valuation metric for TFC is its P/B ratio of 1.10. 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. For comparison, NTRS has a P/B of 1.89.

These are just a few of the metrics contributing to TFC's Value grade of B and NTRS's Value grade of C.

Both TFC and NTRS are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that TFC is the superior value option right now.

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