Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One stock to keep an eye on is Red River Bancshares (RRBI). RRBI is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 10.26, while its industry has an average P/E of 14.91. Over the past 52 weeks, RRBI's Forward P/E has been as high as 12.86 and as low as 9.31, with a median of 10.66.

Another valuation metric that we should highlight is RRBI's P/B ratio of 1.09. 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. RRBI's current P/B looks attractive when compared to its industry's average P/B of 2.07. Over the past year, RRBI's P/B has been as high as 1.30 and as low as 1.03, with a median of 1.14.

Finally, our model also underscores that RRBI has a P/CF ratio of 9.94. 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. RRBI's P/CF compares to its industry's average P/CF of 17.58. Within the past 12 months, RRBI's P/CF has been as high as 11.59 and as low as 8.67, with a median of 9.70.

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

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