Investors with an interest in Financial - Investment Management stocks have likely encountered both Federated Hermes (FHI) and Eaton Vance (EV). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.Both Federated Hermes and Eaton Vance have a Zacks Rank of # 2 (Buy) right now. This means that both companies have witnessed positive earnings estimate revisions, so investors should feel comfortable knowing that both of these stocks have an improving earnings outlook. But this is just one piece of the puzzle for value investors.Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.FHI currently has a forward P/E ratio of 9.45, while EV has a forward P/E of 18.27. We also note that FHI has a PEG ratio of 0.76. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. EV currently has a PEG ratio of 1.34.Another notable valuation metric for FHI is its P/B ratio of 2.48. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, EV has a P/B of 5.76.Based on these metrics and many more, FHI holds a Value grade of B, while EV has a Value grade of D.Both FHI and EV are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that FHI is the superior value option right now.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 Federated Hermes, Inc. (FHI): Free Stock Analysis Report Eaton Vance Corporation (EV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research