Investors looking for stocks in the Financial - Investment Management sector might want to consider either Invesco (IVZ Quick QuoteIVZ - Free Report) or Eaton Vance (EV Quick QuoteEV - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Invesco and Eaton Vance are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that IVZ is likely seeing its earnings outlook improve to a greater extent. However, value investors will care about much more than just this.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

IVZ currently has a forward P/E ratio of 8.69, while EV has a forward P/E of 17.97. We also note that IVZ has a PEG ratio of 1.46. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. EV currently has a PEG ratio of 3.20.

Another notable valuation metric for IVZ is its P/B ratio of 0.66. 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. For comparison, EV has a P/B of 5.75.

These metrics, and several others, help IVZ earn a Value grade of B, while EV has been given a Value grade of D.

IVZ has seen stronger estimate revision activity and sports more attractive valuation metrics than EV, so it seems like value investors will conclude that IVZ is the superior option right now.