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, value investing is easily one of the most popular ways to find great stocks in any market environment. 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.

One company to watch right now is Midland States Bancorp (MSBI). MSBI is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 8.59. This compares to its industry's average Forward P/E of 9.70. Over the past year, MSBI's Forward P/E has been as high as 9.53 and as low as 6.74, with a median of 8.16.

We should also highlight that MSBI has a P/B ratio of 0.68. 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. MSBI's current P/B looks attractive when compared to its industry's average P/B of 1.34. MSBI's P/B has been as high as 0.93 and as low as 0.66, with a median of 0.74, over the past year.

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. MSBI has a P/S ratio of 0.95. This compares to its industry's average P/S of 1.81.

Finally, investors should note that MSBI has a P/CF ratio of 7.35. 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. MSBI's current P/CF looks attractive when compared to its industry's average P/CF of 13.25. MSBI's P/CF has been as high as 8.92 and as low as 4.30, with a median of 6.46, all within the past year.

These are just a handful of the figures considered in Midland States Bancorp'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 MSBI is an impressive value stock right now.