The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find 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.

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 company value investors might notice is NMI (NMIH). NMIH is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value.

Another valuation metric that we should highlight is NMIH's P/B ratio of 1.45. 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. NMIH's current P/B looks attractive when compared to its industry's average P/B of 1.64. Within the past 52 weeks, NMIH's P/B has been as high as 1.63 and as low as 1.20, with a median of 1.33.

Finally, investors should note that NMIH has a P/CF ratio of 8.37. 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. NMIH's P/CF compares to its industry's average P/CF of 11.93. NMIH's P/CF has been as high as 9.38 and as low as 6.91, with a median of 7.70, all within the past year.

The Travelers Companies (TRV) may be another strong Insurance - Property and Casualty stock to add to your shortlist. TRV is a # 2 (Buy) stock with a Value grade of A.

The Travelers Companies is trading at a forward earnings multiple of 12.53 at the moment, with a PEG ratio of 1.12. This compares to its industry's average P/E of 28.75 and average PEG ratio of 2.89.

TRV's price-to-earnings ratio has been as high as 17.36 and as low as 10.57, with a median of 11.61, while its PEG ratio has been as high as 1.71 and as low as 0.98, with a median of 1.07, all within the past year.

Additionally, The Travelers Companies has a P/B ratio of 2.07 while its industry's price-to-book ratio sits at 1.64. For TRV, this valuation metric has been as high as 2.22, as low as 1.75, with a median of 1.99 over the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that NMI and The Travelers Companies are likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, NMIH and TRV feels like a great value stock at the moment.

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