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, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company to watch right now is Apple Hospitality REIT (APLE). APLE is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 9.46, which compares to its industry's average of 15.14. Over the past year, APLE's Forward P/E has been as high as 10.93 and as low as 8.35, with a median of 9.42.

Investors should also recognize that APLE has a P/B ratio of 1.11. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. APLE's current P/B looks attractive when compared to its industry's average P/B of 1.77. Over the past 12 months, APLE's P/B has been as high as 1.19 and as low as 1, with a median of 1.10.

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. APLE has a P/S ratio of 2.51. This compares to its industry's average P/S of 4.

Finally, investors will want to recognize that APLE has a P/CF ratio of 9.33. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 16. Within the past 12 months, APLE's P/CF has been as high as 10.76 and as low as 8.44, with a median of 9.31.

Investors could also keep in mind Xenia Hotels & Resorts (XHR), an REIT and Equity Trust - Other stock with a Zacks Rank of # 2 (Buy) and Value grade of A.

Additionally, Xenia Hotels & Resorts has a P/B ratio of 1.13 while its industry's price-to-book ratio sits at 1.77. For XHR, this valuation metric has been as high as 1.28, as low as 0.97, with a median of 1.15 over the past year.

Value investors will likely look at more than just these metrics, but the above data helps show that Apple Hospitality REIT and Xenia Hotels & Resorts are likely undervalued currently. And when considering the strength of its earnings outlook, APLE and XHR sticks out as one of the market's strongest value stocks.

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Apple Hospitality REIT, Inc. (APLE) : Free Stock Analysis Report

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This article originally published on Zacks Investment Research (zacks.com).

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