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.

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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

Essent Group (ESNT Quick QuoteESNT - Free Report) is a stock many investors are watching right now. ESNT is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 9.02. This compares to its industry's average Forward P/E of 21.17. Over the past year, ESNT's Forward P/E has been as high as 9.07 and as low as 6.88, with a median of 8.12.

Finally, we should also recognize that ESNT has a P/CF ratio of 9.04. 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 stock's P/CF looks attractive against its industry's average P/CF of 25.62. Within the past 12 months, ESNT's P/CF has been as high as 9.04 and as low as 7.18, with a median of 8.20.

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