Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of EverBank (NYSE:EVER) were down as much as 12% today after Sterne Agee downgraded the Florida-based bank from buy to neutral.

So what: Sterne Agee's downgrade was valuation-based as EverBank's shares are now trading at a trailing P/E of 26. The investment research group also said EverBank had traded at P/E of 8.7 based on 2014 earnings when it first gave its buy rating, compared to its current 2014 P/E of 10.8.

Now what: Valuation-based ratings adjustments happen fairly often, and a majority of research groups rating EverBank give it a "buy." EverBank shares are up about 50% since it went public last May, and it had gained 15% in just two weeks before today's drop, so this pullback could just be a sign that shares had been overbought and run up on little news. I wouldn't change your investing thesis based on today's developments.

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Fool contributor Jeremy Bowman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.