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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

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 value investors might notice is Heritage Insurance (HRTG). HRTG is currently sporting a Zacks Rank of #1 (Strong Buy) and an A for Value.

Investors should also recognize that HRTG has a P/B ratio of 1.55. The P/B is a method of comparing a stock's market value to 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 1.63. HRTG's P/B has been as high as 2 and as low as 0.75, with a median of 1.24, over the past year.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. HRTG has a P/S ratio of 0.76. This compares to its industry's average P/S of 1.32.

Finally, investors should note that HRTG has a P/CF ratio of 6.54. 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. This company's current P/CF looks solid when compared to its industry's average P/CF of 10.12. HRTG's P/CF has been as high as 8.19 and as low as 3.08, with a median of 4.93, all within the past year.

These are only a few of the key metrics included in Heritage Insurance's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, HRTG looks like an impressive value stock at the moment.

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Heritage Insurance Holdings, Inc. (HRTG) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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