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Do you appreciate a bargain when searching for stocks? If so, we ran a screen just up your alley.

We began by screening the financial sector for stocks that appear undervalued relative to earnings growth, with PEG below 1.

We then screened for those that also appear undervalued relative to the Graham Number. The Graham Number is a measure of maximum fair value created by the "godfather of value investing" Benjamin Graham.

It is based off of a stock's EPS and book value per share (BVPS).

Graham Number = SQRT(22.5 x TTM EPS x MRQ BVPS)

The equation assumes that P/E should not be higher than 15 and P/BV should not be higher than 1.5. Stocks trading well below their Graham Number may be undervalued.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

Tool provided by Kapitall (kapitall.com).

Do you think these stocks are trading at bargains? Use this list as a starting point for your own analysis.

List sorted by potential upside implied by the Graham Number.

1. ProAssurance Corporation (PRA): Provides professional liability insurance products primarily to physicians, dentists, other healthcare providers, and healthcare facilities in the United States. Market cap at $2.84B, most recent closing price at $92.57. PEG at 0.95. Diluted TTM earnings per share at 9.56, and a MRQ book value per share value at 72.33, implies a Graham Number fair value = sqrt(22.5*9.56*72.33) = $124.73. Based on the stock's price at $91.07, this implies a potential upside of 36.96% from current levels.

2. Tower Group Inc. (TWGP): Provides a range of commercial, personal, and specialty property and casualty insurance products and services to businesses in various industries and to individuals in the United States. Market cap at $849.54M, most recent closing price at $21.54. PEG at 0.85. Diluted TTM earnings per share at 1.37, and a MRQ book value per share value at 26.83, implies a Graham Number fair value = sqrt(22.5*1.37*26.83) = $28.76. Based on the stock's price at $21.17, this implies a potential upside of 35.84% from current levels.

3. Interactive Brokers Group, Inc. (IBKR): Operates as an automated global electronic market maker and broker. Market cap at $612.14M, most recent closing price at $13.43. PEG at 0.99. Diluted TTM earnings per share at 1.25, and a MRQ book value per share value at 13.1, implies a Graham Number fair value = sqrt(22.5*1.25*13.1) = $19.19. Based on the stock's price at $14.27, this implies a potential upside of 34.51% from current levels.

4. State Street Corp. (STT): Provides various financial services and products to the institutional investors worldwide. Market cap at $20.33B, most recent closing price at $41.61. PEG at 1. Diluted TTM earnings per share at 3.71, and a MRQ book value per share value at 40.15, implies a Graham Number fair value = sqrt(22.5*3.71*40.15) = $57.89. Based on the stock's price at $43.2, this implies a potential upside of 34.01% from current levels.

5. Walker & Dunlop, Inc. (WD): Provides commercial real estate financial services for owners and developers of commercial real estate in the United States. Market cap at $286.83M, most recent closing price at $12.63. PEG at 0.68. Diluted TTM earnings per share at 1.56, and a MRQ book value per share value at 7.81, implies a Graham Number fair value = sqrt(22.5*1.56*7.81) = $16.56. Based on the stock's price at $12.86, this implies a potential upside of 28.75% from current levels.

6. Ameriprise Financial Inc. (AMP): Provides financial planning, products, and services primarily in the United States. Market cap at $11.4B, most recent closing price at $52.15. PEG at 0.94. Diluted TTM earnings per share at 4.5, and a MRQ book value per share value at 41.51, implies a Graham Number fair value = sqrt(22.5*4.5*41.51) = $64.83. Based on the stock's price at $50.45, this implies a potential upside of 28.5% from current levels.

7. Cash America International, Inc. (CSH): Provides specialty financial services to individuals primarily in the United States and Mexico. Market cap at $1.34B, most recent closing price at $45.48. PEG at 0.68. Diluted TTM earnings per share at 4.42, and a MRQ book value per share value at 32.53, implies a Graham Number fair value = sqrt(22.5*4.42*32.53) = $56.88. Based on the stock's price at $44.82, this implies a potential upside of 26.9% from current levels.

8. Virtus Investment Partners, Inc. (VRTS): Provides investment management products and services to individuals and institutions in the United States. Market cap at $666.59M, most recent closing price at $85.57. PEG at 0.33. Diluted TTM earnings per share at 16.08, and a MRQ book value per share value at 29.52, implies a Graham Number fair value = sqrt(22.5*16.08*29.52) = $103.35. Based on the stock's price at $82.52, this implies a potential upside of 25.24% from current levels.

*BVPS and EPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 8 Financial Stocks Undervalued By Earnings Growth, The Graham Number