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.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One stock to keep an eye on is Associated Banc-Corp (ASB). ASB is currently sporting a Zacks Rank of #2 (Buy) and an A for Value.

Investors should also note that ASB holds a PEG ratio of 1.93. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. ASB's industry currently sports an average PEG of 2.43. Within the past year, ASB's PEG has been as high as 2.25 and as low as 0.78, with a median of 1.66.

Investors should also recognize that ASB has a P/B ratio of 0.80. 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. This company's current P/B looks solid when compared to its industry's average P/B of 1.41. Over the past 12 months, ASB's P/B has been as high as 0.92 and as low as 0.47, with a median of 0.60.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. ASB has a P/S ratio of 2.08. This compares to its industry's average P/S of 2.49.

Finally, investors should note that ASB has a P/CF ratio of 6.57. 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. ASB's current P/CF looks attractive when compared to its industry's average P/CF of 13.36. ASB's P/CF has been as high as 7.46 and as low as 3.77, with a median of 4.93, all within the past year.

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

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