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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 Axis Capital Holdings (AXS). AXS is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A.

Another valuation metric that we should highlight is AXS's P/B ratio of 1.29. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. AXS's current P/B looks attractive when compared to its industry's average P/B of 1.59. Over the past year, AXS's P/B has been as high as 1.37 and as low as 0.98, with a median of 1.15.

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. AXS has a P/S ratio of 1.11. This compares to its industry's average P/S of 1.21.

Finally, we should also recognize that AXS has a P/CF ratio of 9.64. 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 11.56. Within the past 12 months, AXS's P/CF has been as high as 12.84 and as low as 7.23, with a median of 9.48.

If you're looking for another solid Insurance - Property and Casualty value stock, take a look at NMI (NMIH). NMIH is a # 2 (Buy) stock with a Value score of A.

Shares of NMI are currently trading at a forward earnings multiple of 8.21 and a PEG ratio of 0.84 compared to its industry's P/E and PEG ratios of 27.94 and 2.77, respectively.

Over the last 12 months, NMIH's P/E has been as high as 8.94, as low as 6.81, with a median of 7.54, and its PEG ratio has been as high as 1.27, as low as 0.64, with a median of 0.90.

NMI also has a P/B ratio of 1.51 compared to its industry's price-to-book ratio of 1.59. Over the past year, its P/B ratio has been as high as 1.63, as low as 1.20, with a median of 1.33.

These are just a handful of the figures considered in Axis Capital Holdings and NMI's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that AXS and NMIH is an impressive value stock right now.

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