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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 company to watch right now is Axis Capital Holdings (AXS). AXS is currently sporting a Zacks Rank of #2 (Buy) and an A for Value.

Another notable valuation metric for AXS is its P/B ratio of 1.42. 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. AXS's current P/B looks attractive when compared to its industry's average P/B of 1.60. Over the past year, AXS's P/B has been as high as 1.42 and as low as 0.98, with a median of 1.19.

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. AXS has a P/S ratio of 1.3. This compares to its industry's average P/S of 1.31.

Investors could also keep in mind United Fire Group (UFCS), an Insurance - Property and Casualty stock with a Zacks Rank of # 1 (Strong Buy) and Value grade of A.

United Fire Group also has a P/B ratio of 1.02 compared to its industry's price-to-book ratio of 1.60. Over the past year, its P/B ratio has been as high as 1.02, as low as 0.62, with a median of 0.75.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Axis Capital Holdings and United Fire Group are likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, AXS and UFCS feels like a great value stock at the moment.

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