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 use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Essa Bancorp (ESSA Quick QuoteESSA - Free Report) . ESSA is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock is trading with a P/E ratio of 11.25, which compares to its industry's average of 11.72. Over the past 52 weeks, ESSA's Forward P/E has been as high as 15.20 and as low as 8.53, with a median of 11.57.

Finally, investors will want to recognize that ESSA has a P/CF ratio of 7.58. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. ESSA's current P/CF looks attractive when compared to its industry's average P/CF of 8.23. Over the past 52 weeks, ESSA's P/CF has been as high as 11.69 and as low as 6.72, with a median of 10.31.

Value investors will likely look at more than just these metrics, but the above data helps show that Essa Bancorp is likely undervalued currently. And when considering the strength of its earnings outlook, ESSA sticks out at as one of the market's strongest value stocks.