The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.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 fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.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 Annaly Capital Management (NLY). NLY is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 6.10. This compares to its industry's average Forward P/E of 8.59. Over the past 52 weeks, NLY's Forward P/E has been as high as 8.53 and as low as 5.71, with a median of 7.17.Investors should also note that NLY holds a PEG ratio of 1.22. 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. NLY's PEG compares to its industry's average PEG of 1.73. Within the past year, NLY's PEG has been as high as 1.70 and as low as 1.14, with a median of 1.38.Another valuation metric that we should highlight is NLY's P/B ratio of 1.04. 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. This stock's P/B looks solid versus its industry's average P/B of 1.39. Over the past year, NLY's P/B has been as high as 1.17 and as low as 0.81, with a median of 0.99.Finally, investors will want to recognize that NLY has a P/CF ratio of 3.93. 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 8.63. Over the past year, NLY's P/CF has been as high as 5.42 and as low as 2.85, with a median of 3.62.Western Asset Mortgage Capital (WMC) may be another strong REIT and Equity Trust stock to add to your shortlist. WMC is a # 2 (Buy) stock with a Value grade of A.Additionally, Western Asset Mortgage Capital has a P/B ratio of 0.58 while its industry's price-to-book ratio sits at 1.39. For WMC, this valuation metric has been as high as 0.73, as low as 0.43, with a median of 0.59 over the past year.Value investors will likely look at more than just these metrics, but the above data helps show that Annaly Capital Management and Western Asset Mortgage Capital are likely undervalued currently. And when considering the strength of its earnings outlook, NLY and WMC sticks out as one of the market's strongest value stocks. FREE Report: The Metaverse is Exploding! Don’t You Want to Cash In? Rising gas prices. The war in Ukraine. America's recession. Inflation. It's no wonder why the metaverse is so popular and growing every day. Becoming Spider Man and fighting Darth Vader is infinitely more appealing than spending over $5 per gallon at the pump. And that appeal is why the metaverse can provide such massive gains for investors. But do you know where to look? Do you know which metaverse stocks to buy and which to avoid? In a new FREE report from Zacks' leading stock specialist, we reveal how you could profit from the internet’s next evolution. Even though the popularity of the metaverse is spreading like wildfire, investors like you can still get in on the ground floor and cash in. Don't miss your chance to get your piece of this innovative $30 trillion opportunity - FREE.>>Yes, I want to know the top metaverse stocks for 2022>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Annaly Capital Management Inc (NLY): Free Stock Analysis Report Western Asset Mortgage Capital Corporation (WMC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research