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.

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.

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 to watch right now is PRA Group (PRAA Quick QuotePRAA - Free Report) . PRAA is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with P/E ratio of 7.89 right now. For comparison, its industry sports an average P/E of 10.44. Over the past 52 weeks, PRAA's Forward P/E has been as high as 20.60 and as low as 6.50, with a median of 14.80.

Investors should also recognize that PRAA has a P/B ratio of 0.91. 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 1.93. Over the past year, PRAA's P/B has been as high as 1.50 and as low as 0.74, with a median of 1.31.

These are only a few of the key metrics included in PRA Group's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, PRAA looks like an impressive value stock at the moment.