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.

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.

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 Orchid Island (ORC Quick QuoteORC - Free Report) . ORC is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 4.91, which compares to its industry's average of 7.76. ORC's Forward P/E has been as high as 5.54 and as low as 4.11, with a median of 4.96, all within the past year.

Investors should also recognize that ORC has a P/B ratio of 0.94. 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. ORC's current P/B looks attractive when compared to its industry's average P/B of 2.15. ORC's P/B has been as high as 1.05 and as low as 0.78, with a median of 0.91, over the past year.

These are only a few of the key metrics included in Orchid Island's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, ORC looks like an impressive value stock at the moment.