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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