While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. 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.

First National (FXNC Quick QuoteFXNC - Free Report) is a stock many investors are watching right now. FXNC is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Another valuation metric that we should highlight is FXNC's P/B ratio of 1.02. 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 1.77. Over the past year, FXNC's P/B has been as high as 1.22 and as low as 0.77, with a median of 0.98.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. FXNC has a P/S ratio of 1.64. This compares to its industry's average P/S of 1.78.

Finally, our model also underscores that FXNC has a P/CF ratio of 9.85. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 12.04. Over the past year, FXNC's P/CF has been as high as 11.69 and as low as 4.70, with a median of 5.88.

These are only a few of the key metrics included in First National'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, FXNC looks like an impressive value stock at the moment.