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.

One stock to keep an eye on is First Bank (FRBA). FRBA is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 8.59 right now. For comparison, its industry sports an average P/E of 9.96. Over the last 12 months, FRBA's Forward P/E has been as high as 9.30 and as low as 6.80, with a median of 8.42.

Investors should also recognize that FRBA has a P/B ratio of 0.72. 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. This stock's P/B looks solid versus its industry's average P/B of 0.91. FRBA's P/B has been as high as 0.79 and as low as 0.60, with a median of 0.71, over the past year.

Finally, investors will want to recognize that FRBA has a P/CF ratio of 12.82. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 15.58. Over the past 52 weeks, FRBA's P/CF has been as high as 23.13 and as low as 11.40, with a median of 17.56.

If you're looking for another solid Banks - Northeast value stock, take a look at Orange County Bancorp, Inc. (OBT). OBT is a # 2 (Buy) stock with a Value score of A.

Furthermore, Orange County Bancorp, Inc. holds a P/B ratio of 1.48 and its industry's price-to-book ratio is 0.91. OBT's P/B has been as high as 2, as low as 1.44, with a median of 1.63 over the past 12 months.

These are just a handful of the figures considered in First Bank and Orange County Bancorp, Inc.'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 FRBA and OBT is an impressive value stock right now.

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

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