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 use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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.

Zions Bancorporation (ZION) is a stock many investors are watching right now. ZION is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 10.30. This compares to its industry's average Forward P/E of 11.30. Over the past year, ZION's Forward P/E has been as high as 12.64 and as low as 8.72, with a median of 10.05.

Another valuation metric that we should highlight is ZION's P/B ratio of 1.35. 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. ZION's current P/B looks attractive when compared to its industry's average P/B of 1.37. Over the past year, ZION's P/B has been as high as 1.53 and as low as 1.07, with a median of 1.23.

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. ZION has a P/S ratio of 1.65. This compares to its industry's average P/S of 2.32.

Finally, investors should note that ZION has a P/CF ratio of 8.97. 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. ZION's current P/CF looks attractive when compared to its industry's average P/CF of 11.01. Over the past year, ZION's P/CF has been as high as 11.06 and as low as 6.86, with a median of 8.66.

These are just a handful of the figures considered in Zions Bancorporation'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 ZION is an impressive value stock right now.

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