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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

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 holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 10.64 right now. For comparison, its industry sports an average P/E of 27.74. Over the past 52 weeks, UFCS's Forward P/E has been as high as 20.43 and as low as 10.36, with a median of 12.97.

Another notable valuation metric for UFCS is its P/B ratio of 0.86. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 1.55. UFCS's P/B has been as high as 1.02 and as low as 0.62, with a median of 0.84, over the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. 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 9.51. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. UFCS's current P/CF looks attractive when compared to its industry's average P/CF of 10.72. UFCS's P/CF has been as high as 13.42 and as low as 8.19, with a median of 9.84, all within the past year.

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.