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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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 United Fire Group (UFCS Quick QuoteUFCS - Free Report) . UFCS is currently holding a Zacks Rank #1 (Strong Buy) and a Value grade of A. The stock has a Forward P/E ratio of 10.16. This compares to its industry's average Forward P/E of 28.01. Over the past 52 weeks, UFCS's Forward P/E has been as high as 20.43 and as low as 9.98, with a median of 11.30.

Investors should also recognize that UFCS has a P/B ratio of 0.94. 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 company's current P/B looks solid when compared to its industry's average P/B of 1.56. UFCS's P/B has been as high as 1.02 and as low as 0.62, with a median of 0.87, over the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. UFCS has a P/S ratio of 0.59. This compares to its industry's average P/S of 1.31.

Finally, our model also underscores that UFCS has a P/CF ratio of 7.83. 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 12.95. Over the past year, UFCS's P/CF has been as high as 13.42 and as low as 6.53, with a median of 9.51.

These are only a few of the key metrics included in United Fire Group'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, UFCS looks like an impressive value stock at the moment.