What is a good P/B ratio?

Could you please explain what exactly is a Price-to-Book ratio, or P/B ratio, and what would be considered a good or desirable value for this metric? Is there a general rule of thumb or does it depend on the industry and specific company in question? Additionally, how does this ratio compare to other financial ratios, such as the Price-to-Earnings ratio, in terms of importance for investors to consider?