Independent Bank downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded Independent Bank (INDB) to Underweight from Equal Weight with an unchanged price target of $80. The firm says a “premium” is being placed on the bank’s organic growth while competition is “heating up in its markets.” Independent Bank’s valuation multiples will remain below historical averages for the foreseeable future, the analyst tells investors in a research note.