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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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.

Civista Bancshares (CIVB) is a stock many investors are watching right now. CIVB is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 7.61 right now. For comparison, its industry sports an average P/E of 9.22. Over the past year, CIVB's Forward P/E has been as high as 11.72 and as low as 6.87, with a median of 9.20.

Another valuation metric that we should highlight is CIVB's P/B ratio of 0.73. 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 attractive against its industry's average P/B of 1.76. Over the past year, CIVB's P/B has been as high as 0.93 and as low as 0.59, with a median of 0.74.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. CIVB has a P/S ratio of 1.2. This compares to its industry's average P/S of 1.72.

Finally, we should also recognize that CIVB has a P/CF ratio of 6.68. 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. CIVB's current P/CF looks attractive when compared to its industry's average P/CF of 13. Over the past 52 weeks, CIVB's P/CF has been as high as 8.34 and as low as 4.52, with a median of 6.38.

First Financial Corporation Indiana (THFF) may be another strong Banks - Midwest stock to add to your shortlist. THFF is a # 2 (Buy) stock with a Value grade of A.

First Financial Corporation Indiana also has a P/B ratio of 0.92 compared to its industry's price-to-book ratio of 1.76. Over the past year, its P/B ratio has been as high as 1.15, as low as 0.79, with a median of 0.96.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Civista Bancshares and First Financial Corporation Indiana are likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, CIVB and THFF feels like a great value stock at the moment.

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Civista Bancshares, Inc. (CIVB) : Free Stock Analysis Report

First Financial Corporation Indiana (THFF) : Free Stock Analysis Report

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

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