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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 stock to keep an eye on is Aviva (AVVIY Quick QuoteAVVIY - Free Report) . AVVIY is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 7.41, which compares to its industry's average of 8.47. Over the last 12 months, AVVIY's Forward P/E has been as high as 7.41 and as low as 3.33, with a median of 5.37.

Another notable valuation metric for AVVIY is its P/B ratio of 0.81. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 1.32. AVVIY's P/B has been as high as 0.88 and as low as 0.40, with a median of 0.61, over the past year.

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