Form 4: Director Carrion Reports RSU Acquisition at Popular, Inc.

Popular, Inc. Director Richard L. Carrion reported the acquisition of 94 Restricted Stock Units through dividend equivalents, increasing his total RSU holdings to 15,335.

Summary

• Richard L. Carrion, a Director of Popular, Inc. (BPOP), filed a Form 4 statement of changes in beneficial ownership.
• Carrion directly owns 218,020 shares of Popular, Inc. Common Stock (Par Value $0.01 per share).
• He indirectly owns 74,467 shares of Popular, Inc. Common Stock through Junior Investment Corporation, in which he holds approximately a 22.0140% interest.
• On October 1, 2025, Carrion acquired 94 Restricted Stock Units (RSUs) as a result of dividend equivalents accrued with respect to his outstanding RSUs.
• Dividend equivalents accrue at the same rate and at the same time as dividends are paid to ordinary shareholders and are subject to the same terms and conditions as the underlying RSUs.
• Following this transaction, Carrion beneficially owns a total of 15,335 Restricted Stock Units.
• Restricted Stock Units convert into common stock on a one-for-one basis.
• The RSUs are converted into an equivalent number of shares of common stock and issued to the reporting person on the 15th of August following the date of termination of service as a director.

Sentiment

Score: 7

Explanation: The acquisition of additional Restricted Stock Units by a director, even through dividend equivalents, generally indicates a positive alignment of interests and confidence in the company's future. It's not a direct purchase, but it increases the director's stake.

Positives

• Director Richard L. Carrion increased his beneficial ownership of Restricted Stock Units by 94 units through dividend equivalents, indicating continued alignment with shareholder interests.
• The accrual of dividend equivalents on RSUs at the same rate as ordinary shareholders suggests a consistent approach to shareholder returns and executive compensation.

Future Outlook

The Restricted Stock Units acquired will convert into common stock on a one-for-one basis and will be issued to the reporting person on August 15th following the date of termination of service as a director.

Industry Context

Insider transactions, particularly acquisitions of equity or equity-linked instruments like Restricted Stock Units, are often viewed by the market as a signal of management's confidence in the company's future prospects. For financial institutions like Popular, Inc., director ownership aligns executive incentives with long-term shareholder value, which is a common practice in the banking sector.

Related Party Transactions

• Richard L. Carrion's indirect ownership of 74,467 shares of Common Stock through Junior Investment Corporation, in which he has approximately a 22.0140% interest, constitutes a related party holding.

Stakeholder Impact

• Shareholders: Increased alignment of a director's interests with shareholders through higher equity ownership.

Next Steps

• Restricted Stock Units will convert into common stock on August 15th following the termination of service as a director.

Key Dates

Recommendation

This Form 4 reports a routine insider transaction where a director received additional Restricted Stock Units (RSUs) as dividend equivalents. While it slightly increases the director's beneficial ownership and aligns interests, it does not represent a significant new investment or divestment that would fundamentally alter the investment thesis for Popular, Inc. The transaction is a standard part of executive compensation and dividend policy, suggesting no immediate catalyst for a 'buy' or 'sell' recommendation based solely on this filing. Investors should 'hold' and consider broader financial performance and market conditions.

Keywords

Popular Inc, BPOP, Richard L. Carrion, Form 4, Insider Transaction, Restricted Stock Units, RSU, Director Ownership, Dividend Equivalents, Beneficial Ownership