Form 4: Popular, Inc. Director Richard L. Carrion Reports Changes in Beneficial Ownership

Director Richard L. Carrion reports changes in beneficial ownership of Popular, Inc. stock, including the acquisition of restricted stock units due to dividend equivalents.

Summary

• Richard L. Carrion, a director of Popular, Inc., filed a Form 4 with the SEC detailing changes in his beneficial ownership of the company's stock.
• The report indicates that Mr. Carrion indirectly owns 74,467 shares of common stock through Junior Investment Corporation, in which he holds approximately a 22.0140% interest.
• He also directly owns 217,968 shares of Popular, Inc. common stock.
• On April 1, 2024, Mr. Carrion acquired 88 restricted stock units (RSUs) as a result of dividend equivalents accrued on his existing RSU holdings.
• These RSUs will convert into common stock on a one-for-one basis and will be issued to Mr. Carrion on August 15th following his termination of service as a director.
• Following the reported transaction, Mr. Carrion directly owns 12,004 derivative securities.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The filing reflects routine transactions related to director compensation and ownership, with no apparent red flags. The acquisition of RSUs due to dividend equivalents is a positive sign.

Positives

• The acquisition of RSUs due to dividend equivalents suggests the company is performing well enough to pay dividends.

Future Outlook

The RSUs will be converted into common stock and issued to the reporting person on the 15th of August following the date of termination of service as a director.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. This filing indicates activity by a director of a publicly traded company in the financial sector.

Comparison to Industry Standards

• Comparing Carrion's holdings and transactions to those of directors at similar regional banks like First BanCorp (FBP) or OFG Bancorp (OFG) could provide context.
• Industry benchmarks for director stock ownership often vary based on company size and performance.
• Analyzing the dividend policies and RSU grants of peer institutions can offer insights into Popular, Inc.'s compensation practices.

Stakeholder Impact

• The filing provides transparency to shareholders regarding insider transactions.
• The dividend equivalents and RSU grants can impact employee morale and retention.

Key Dates