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.

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 Manulife Financial Corp (MFC). MFC is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Another valuation metric that we should highlight is MFC's P/B ratio of 1.25. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 1.73. MFC's P/B has been as high as 1.27 and as low as 0.85, with a median of 1.11, over the past year.

Finally, we should also recognize that MFC has a P/CF ratio of 6.57. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 10.35. Over the past 52 weeks, MFC's P/CF has been as high as 7.70 and as low as 5.16, with a median of 6.22.

Investors could also keep in mind NN Group (NNGRY), an Insurance - Life Insurance stock with a Zacks Rank of # 2 (Buy) and Value grade of A.

Shares of NN Group currently holds a Forward P/E ratio of 5.07, and its PEG ratio is 0.40. In comparison, its industry sports average P/E and PEG ratios of 7.36 and 0.70.

NNGRY's Forward P/E has been as high as 9.33 and as low as 4.20, with a median of 7.91. During the same time period, its PEG ratio has been as high as 4.67, as low as 0.22, with a median of 0.37.

NN Group sports a P/B ratio of 0.59 as well; this compares to its industry's price-to-book ratio of 1.73. In the past 52 weeks, NNGRY's P/B has been as high as 0.70, as low as 0.45, with a median of 0.56.