Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

Affiliated Managers Group (AMG Quick QuoteAMG - Free Report) is a stock many investors are watching right now. AMG is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 7.51 right now. For comparison, its industry sports an average P/E of 16.88. Over the past 52 weeks, AMG's Forward P/E has been as high as 8.93 and as low as 6.14, with a median of 7.36.

We also note that AMG holds a PEG ratio of 0.58. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. AMG's PEG compares to its industry's average PEG of 1.19. Over the past 52 weeks, AMG's PEG has been as high as 0.71 and as low as 0.46, with a median of 0.56.

Another valuation metric that we should highlight is AMG's P/B ratio of 1.28. 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. This stock's P/B looks solid versus its industry's average P/B of 3.56. AMG's P/B has been as high as 1.39 and as low as 1.01, with a median of 1.26, over the past year.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. AMG has a P/S ratio of 2.55. This compares to its industry's average P/S of 2.97.

Finally, our model also underscores that AMG has a P/CF ratio of 10.76. 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. AMG's current P/CF looks attractive when compared to its industry's average P/CF of 36.29. Within the past 12 months, AMG's P/CF has been as high as 12.33 and as low as 7.93, with a median of 10.58.

If you're looking for another solid Financial - Investment Management value stock, take a look at Noah Holdings (NOAH Quick QuoteNOAH - Free Report) . NOAH is a # 2 (Buy) stock with a Value score of A.

Noah Holdings sports a P/B ratio of 0.54 as well; this compares to its industry's price-to-book ratio of 3.56. In the past 52 weeks, NOAH's P/B has been as high as 0.68, as low as 0.36, with a median of 0.51.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Affiliated Managers Group and Noah Holdings are likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, AMG and NOAH feels like a great value stock at the moment.