Value investing is easily one of the most popular ways to find great stocks in any market environment. After all, who wouldn’t want to find stocks that are either flying under the radar and are compelling buys, or offer up tantalizing discounts when compared to fair value?One way to find these companies is by looking at several key metrics and financial ratios, many of which are crucial in the value stock selection process. Let’s put Empire State Realty Trust, Inc. ESRT stock into this equation and find out if it is a good choice for value-oriented investors right now, or if investors subscribing to this methodology should look elsewhere for top picks:PE RatioA key metric that value investors always look at is the Price to Earnings Ratio, or PE for short. This shows us how much investors are willing to pay for each dollar of earnings in a given stock, and is easily one of the most popular financial ratios in the world. The best use of the PE ratio is to compare the stock’s current PE ratio with: a) where this ratio has been in the past; b) how it compares to the average for the industry/sector; and c) how it compares to the market as a whole.On this front, Empire State Realty Trust has a trailing twelve months PE ratio of 20.81, as you can see in the chart below:Image Source: Zacks Investment ResearchThis level actually compares pretty favorably with the market at large, as the PE for the S&P 500 stands at about 28.31. If we focus on the long-term PE trend, Empire State Realty Trust’s current PE level puts it above its midpoint (which is 17.3) over the past five years, with the number having risen rapidly over the past few months.Image Source: Zacks Investment ResearchFurther, the stock’s PE also compares favorably with the Zacks Finance sector’s trailing twelve months PE ratio, which stands at 18.65. At the very least, this indicates that the stock is relatively undervalued right now, compared to its peers.Image Source: Zacks Investment ResearchWe should also point out that Empire State Realty Trust has a forward PE ratio (price relative to this year’s earnings) of just 19.83, so it is fair to say that a slightly more value-oriented path may be ahead for Empire State Realty Trust stock in the near term too.PEG RatioWhile earnings are certainly important, it is essential to know how much you are paying for the growth of earnings as well. One can easily do that with the PEG ratio (ratio of the P/E to the expected future earnings growth rate).The PEG ratio gives a more complete picture of the valuation of a stock than the P/E ratio.Empire State Realty Trust's PEG ratio stands at just 2.97, compared with the Zacks REIT and Equity Trust – Other industry average of 3.35. This suggests a decent undervalued trading relative to its earnings growth potential right now.Image Source: Zacks Investment ResearchBroad Value OutlookIn aggregate, Empire State Realty Trust currently has a Value Score of B, putting it into the top 40% of all stocks we cover from this look. This makes Empire State Realty Trust a solid choice for value investors, and some of its other key metrics make this pretty clear too.For example, the PEG ratio for Empire State Realty Trust is just 2.93, a level that is far lower than the industry average of 3.16. The PEG ratio is a modified PE ratio that takes into account the stock’s earnings growth rate. Clearly, ESRT is a solid choice on the value front from multiple angles.What About the Stock Overall?Though Empire State Realty Trust might be a good choice for value investors, there are plenty of other factors to consider before investing in this name. In particular, it is worth noting that the company has a Growth Score of F and a Momentum Score of C. This gives ESRT a Zacks VGM score — or its overarching fundamental grade — of D. (You can read more about the Zacks Style Scores here >>)Meanwhile, the company’s recent earnings estimates have been robust at best. The current year has seen one estimate go higher in the past sixty days compared to none lower, while the next year estimate has seen one up and none down in the same time period.This has had a noticeable impact on the consensus estimate though as the current year consensus estimate has risen by 5.3% in the past two months, while the next year estimate has inched higher by 3.9%. You can see the consensus estimate trend and recent price action for the stock in the chart below:Empire State Realty Trust, Inc. Price and Consensus Empire State Realty Trust, Inc. price-consensus-chart | Empire State Realty Trust, Inc. QuoteThis somewhat favorable trend is why the stock has just a Zacks Rank #2 (Buy) and why we are looking for better performance from the company in the near term.Bottom LineEmpire State Realty Trust is an inspired choice for value investors, as it is hard to beat its incredible lineup of statistics on this front. However, with a sluggish industry rank (among Bottom 35% of more than 250 industries), it is hard to get too excited about this company overall. In fact, over the past two years, the Zacks REIT and Equity Trust – Other industry has clearly underperformed the broader market, as you can see below:Image Source: Zacks Investment ResearchSo, value investors might want to wait for analyst sentiment to turn around in this name first, but once that happens, this stock could be a compelling pick. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. 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