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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 CNB Financial (CCNE). CCNE is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 9.59, while its industry has an average P/E of 9.74. Over the last 12 months, CCNE's Forward P/E has been as high as 13.81 and as low as 7.21, with a median of 9.68.

Another valuation metric that we should highlight is CCNE's P/B ratio of 0.85. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 0.94. Within the past 52 weeks, CCNE's P/B has been as high as 1.12 and as low as 0.73, with a median of 0.92.

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 1.31. This compares to its industry's average P/S of 1.75.

Finally, investors should note that CCNE has a P/CF ratio of 8. 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 9.91. Within the past 12 months, CCNE's P/CF has been as high as 10.61 and as low as 6.40, with a median of 8.50.

Another great Banks - Northeast stock you could consider is Shore Bancshares (SHBI), which is a # 1 (Strong Buy) stock with a Value Score of A.

Shore Bancshares sports a P/B ratio of 0.83 as well; this compares to its industry's price-to-book ratio of 0.94. In the past 52 weeks, SHBI's P/B has been as high as 1.09, as low as 0.65, with a median of 0.88.

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

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CNB Financial Corporation (CCNE) : Free Stock Analysis Report

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

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