The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 company to watch right now is First American Financial (FAF). FAF is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 12.90. This compares to its industry's average Forward P/E of 28.43. Over the past year, FAF's Forward P/E has been as high as 15.31 and as low as 11.35, with a median of 12.56.

Investors should also recognize that FAF has a P/B ratio of 1.37. 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. This stock's P/B looks attractive against its industry's average P/B of 1.57. Over the past 12 months, FAF's P/B has been as high as 1.48 and as low as 1.12, with a median of 1.28.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. FAF has a P/S ratio of 1.15. This compares to its industry's average P/S of 1.24.

If you're looking for another solid Insurance - Property and Casualty value stock, take a look at Fidelity National Financial (FNF). FNF is a # 2 (Buy) stock with a Value score of A.

Fidelity National Financial sports a P/B ratio of 1.88 as well; this compares to its industry's price-to-book ratio of 1.57. In the past 52 weeks, FNF's P/B has been as high as 2.12, as low as 1.64, with a median of 1.85.

Value investors will likely look at more than just these metrics, but the above data helps show that First American Financial and Fidelity National Financial are likely undervalued currently. And when considering the strength of its earnings outlook, FAF and FNF sticks out as one of the market's strongest value stocks.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

First American Financial Corporation (FAF) : Free Stock Analysis Report

Fidelity National Financial, Inc. (FNF) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research