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.

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.

United Fire Group (UFCS Quick QuoteUFCS - Free Report) is a stock many investors are watching right now. UFCS is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value. The stock holds a P/E ratio of 10.92, while its industry has an average P/E of 28.39. Over the last 12 months, UFCS's Forward P/E has been as high as 20.43 and as low as 10.36, with a median of 13.71.

We should also highlight that UFCS has a P/B ratio of 0.88. The P/B ratio pits a stock's market value against 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 1.56. UFCS's P/B has been as high as 1.02 and as low as 0.62, with a median of 0.83, over the past year.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. UFCS has a P/S ratio of 0.56. This compares to its industry's average P/S of 1.29.

Finally, investors will want to recognize that UFCS has a P/CF ratio of 9.72. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 10.90. Over the past year, UFCS's P/CF has been as high as 13.42 and as low as -87.76, with a median of 9.83.

These are just a handful of the figures considered in United Fire Group's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that UFCS is an impressive value stock right now.