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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. 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.

Webster Financial (WBS Quick QuoteWBS - Free Report) is a stock many investors are watching right now. WBS is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 9.3. This compares to its industry's average Forward P/E of 9.77. Over the past year, WBS's Forward P/E has been as high as 11.14 and as low as 7.00, with a median of 8.95.

Finally, our model also underscores that WBS has a P/CF ratio of 10.84. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 15.10. Over the past 52 weeks, WBS's P/CF has been as high as 12.64 and as low as 8.07, with a median of 10.76.

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