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.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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.

One stock to keep an eye on is AllianceBernstein (AB Quick QuoteAB - Free Report) . AB is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 10.89, which compares to its industry's average of 16.11. Over the past 52 weeks, AB's Forward P/E has been as high as 12.79 and as low as 9.17, with a median of 10.71.

Another notable valuation metric for AB is its P/B ratio of 2.18. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. AB's current P/B looks attractive when compared to its industry's average P/B of 2.86. AB's P/B has been as high as 2.39 and as low as 1.83, with a median of 2.09, over the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that AllianceBernstein is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, AB feels like a great value stock at the moment.