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 use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

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 Dynex Capital (DX Quick QuoteDX - Free Report) . DX is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 6.45, which compares to its industry's average of 10.07. Over the past year, DX's Forward P/E has been as high as 10.41 and as low as 4.23, with a median of 8.35.

We should also highlight that DX has a P/B ratio of 0.71. 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. This company's current P/B looks solid when compared to its industry's average P/B of 1.31. Within the past 52 weeks, DX's P/B has been as high as 1.10 and as low as 0.47, with a median of 0.91.

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