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.

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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 stock to keep an eye on is Federal Agricultural Mortgage (AGM Quick QuoteAGM - Free Report) . AGM is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 9.69. This compares to its industry's average Forward P/E of 16.18. AGM's Forward P/E has been as high as 12.42 and as low as 9.28, with a median of 10.72, all within the past year.

Another notable valuation metric for AGM is its P/B ratio of 1.77. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 2.06. Over the past year, AGM's P/B has been as high as 2.24 and as low as 1.62, with a median of 1.93.

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