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, 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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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.

One company to watch right now is AllianceBernstein (AB Quick QuoteAB - Free Report) . AB is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 10.89. This compares to its industry's average Forward P/E of 13.57. 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.

Investors should also recognize that AB has a 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. This company's current P/B looks solid when compared to its industry's average P/B of 3.08. Over the past year, AB's P/B has been as high as 2.39 and as low as 1.83, with a median of 2.09.

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.