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, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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.

Pitney Bowes (PBI Quick QuotePBI - Free Report) is a stock many investors are watching right now. PBI 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 8.78, which compares to its industry's average of 9.66. Over the past year, PBI's Forward P/E has been as high as 18.96 and as low as 6.30, with a median of 8.11.

Investors should also note that PBI holds a PEG ratio of 0.59. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. PBI's PEG compares to its industry's average PEG of 0.98. PBI's PEG has been as high as 1.26 and as low as 0.42, with a median of 0.54, all within the past year.

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