Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is Financial Institutions (FISI). FISI is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 7.87, which compares to its industry's average of 11.15. Over the last 12 months, FISI's Forward P/E has been as high as 9.35 and as low as 5.47, with a median of 7.42.

We should also highlight that FISI has a P/B ratio of 0.86. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. FISI's current P/B looks attractive when compared to its industry's average P/B of 1.30. FISI's P/B has been as high as 0.95 and as low as 0.59, with a median of 0.78, over the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. FISI has a P/S ratio of 1.12. This compares to its industry's average P/S of 1.84.

Finally, we should also recognize that FISI has a P/CF ratio of 6.30. 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 24.42. Over the past 52 weeks, FISI's P/CF has been as high as 6.82 and as low as 4.53, with a median of 5.67.

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

Furthermore, OFG Bancorp holds a P/B ratio of 1.54 and its industry's price-to-book ratio is 1.30. OFG's P/B has been as high as 1.79, as low as 1.29, with a median of 1.47 over the past 12 months.

These are only a few of the key metrics included in Financial Institutions and OFG Bancorp strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, FISI and OFG look like an impressive value stock at the moment.

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