Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of 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.

One company value investors might notice is Annaly Capital Management (NLY Quick QuoteNLY - Free Report) . NLY is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 9.25, which compares to its industry's average of 10.06. NLY's Forward P/E has been as high as 9.61 and as low as 7.96, with a median of 8.77, all within the past year.

Another valuation metric that we should highlight is NLY's P/B ratio of 1.08. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. NLY's current P/B looks attractive when compared to its industry's average P/B of 1.31. Over the past 12 months, NLY's P/B has been as high as 1.19 and as low as 0.88, with a median of 1.

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