Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore 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 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.

One company to watch right now is Clipper Realty (CLPR Quick QuoteCLPR - Free Report) . CLPR is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 8.83. This compares to its industry's average Forward P/E of 15.81. CLPR's Forward P/E has been as high as 14.24 and as low as 6.80, with a median of 10.28, all within the past year.

Finally, investors will want to recognize that CLPR has a P/CF ratio of 10.51. 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 company's current P/CF looks solid when compared to its industry's average P/CF of 15.25. Over the past year, CLPR's P/CF has been as high as 10.51 and as low as 5.23, with a median of 8.12.

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