While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

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.

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.

Popular (BPOP) is a stock many investors are watching right now. BPOP is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 9.73. This compares to its industry's average Forward P/E of 11.15. Over the past year, BPOP's Forward P/E has been as high as 11.08 and as low as 6.70, with a median of 9.43.

Another notable valuation metric for BPOP is its P/B ratio of 1.36. 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. BPOP's current P/B looks attractive when compared to its industry's average P/B of 1.99. Over the past 12 months, BPOP's P/B has been as high as 1.41 and as low as 0.97, with a median of 1.20.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. BPOP has a P/S ratio of 1.73. This compares to its industry's average P/S of 2.

Finally, investors should note that BPOP has a P/CF ratio of 17.02. 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. BPOP's P/CF compares to its industry's average P/CF of 17.33. Within the past 12 months, BPOP's P/CF has been as high as 17.64 and as low as 4.19, with a median of 10.80.

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