* Lower P-Es, better value. Many Wall Street pros say the U.S. stock market is overvalued by a common metric: the price-to-earnings ratio, or PE. But bank stocks are cheaper relative to the market. After Friday's stock selloff, the S&P 500 was trading at 18 times its 2016 estimated earnings, compared to an earnings multiple of less than 14 for the KBW Nasdaq Bank Index, Cannon noted.