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.

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.

United Fire Group (UFCS Quick QuoteUFCS - Free Report) is a stock many investors are watching right now. UFCS is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock holds a P/E ratio of 10.16, while its industry has an average P/E of 25.88. 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. 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. UFCS's current P/B looks attractive when compared to its industry's average P/B of 1.39. Over the past year, UFCS's P/B has been as high as 1.02 and as low as 0.62, with a median of 0.87.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. 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 0.69. This compares to its industry's average P/S of 1.3.

Finally, we should also recognize that UFCS has a P/CF ratio of 7.83. 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. UFCS's P/CF compares to its industry's average P/CF of 11.48. UFCS's P/CF has been as high as 13.42 and as low as 6.53, with a median of 9.51, all within the past year.

These are just a handful of the figures considered in United Fire Group's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that UFCS is an impressive value stock right now.