Investors with an interest in Banks - Foreign stocks have likely encountered both Banco Bilbao (BBVA Quick QuoteBBVA - Free Report) and Bank of Montreal (BMO Quick QuoteBMO - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Right now, Banco Bilbao is sporting a Zacks Rank of #2 (Buy), while Bank of Montreal has a Zacks Rank of #3 (Hold). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that BBVA has an improving earnings outlook. But this is only part of the picture for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

BBVA currently has a forward P/E ratio of 6.50, while BMO has a forward P/E of 10.19. We also note that BBVA has a PEG ratio of 0.90. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. BMO currently has a PEG ratio of 1.23.

Another notable valuation metric for BBVA is its P/B ratio of 0.64. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, BMO has a P/B of 1.55.

These are just a few of the metrics contributing to BBVA's Value grade of B and BMO's Value grade of C.

BBVA sticks out from BMO in both our Zacks Rank and Style Scores models, so value investors will likely feel that BBVA is the better option right now.