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, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 value investors might notice is Two Harbors Investments (TWO Quick QuoteTWO - Free Report) . TWO is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 7.28, while its industry has an average P/E of 8.32. TWO's Forward P/E has been as high as 10.54 and as low as 1.88, with a median of 7.55, all within the past year.

Another valuation metric that we should highlight is TWO's P/B ratio of 0.87. 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. TWO's current P/B looks attractive when compared to its industry's average P/B of 0.93. Within the past 52 weeks, TWO's P/B has been as high as 1.08 and as low as 0.18, with a median of 0.78.

Value investors will likely look at more than just these metrics, but the above data helps show that Two Harbors Investments is likely undervalued currently. And when considering the strength of its earnings outlook, TWO sticks out at as one of the market's strongest value stocks.