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, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company to watch right now is Midland States Bancorp (MSBI). MSBI is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 9.73, while its industry has an average P/E of 12.24. Over the past 52 weeks, MSBI's Forward P/E has been as high as 10.56 and as low as 7.33, with a median of 8.42.

We should also highlight that MSBI has a P/B ratio of 0.81. 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 stock's P/B looks solid versus its industry's average P/B of 1.37. Within the past 52 weeks, MSBI's P/B has been as high as 0.93 and as low as 0.65, with a median of 0.75.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. MSBI has a P/S ratio of 1.17. This compares to its industry's average P/S of 2.

Finally, investors will want to recognize that MSBI 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. MSBI's P/CF compares to its industry's average P/CF of 25.81. MSBI's P/CF has been as high as 8.92 and as low as 5.66, with a median of 6.78, all within the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Midland States Bancorp is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, MSBI feels like a great value stock at the moment.

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