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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is Hanover Insurance Group (THG Quick QuoteTHG - Free Report) . THG 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 10.98, which compares to its industry's average of 21.98. THG's Forward P/E has been as high as 16.19 and as low as 9.75, with a median of 12.64, all within the past year.

Another valuation metric that we should highlight is THG's P/B ratio of 1.17. The P/B is a method of comparing a stock's market value to 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 1.20. Over the past year, THG's P/B has been as high as 1.90 and as low as 1.09, with a median of 1.36.

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