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Market Valuation
See disclosure page for additional information.
Valuation Metric
4Q 2016
3Q 2016
2Q 2016
1Q 2016
Forward Price /Earnings
18.89
18.32
17.56
16.45
Price/Cash Flow
12.24
11.89
10.81
10.87
Price/Book Value
2.90
2.80
2.77
2.77
Dividend Yield
2.09
2.13
2.18
2.19
Recent market valuations suggest that the market is overvalued as
indicated by the Bloomberg estimated S&P 500 forward P/E of 18.9,
compared to the 20 year average of 17.1. After adjusting to the
volatile market conditions, the price-to-earnings trend signals an
overbought market (above +1 std. dev).