This regional bank, serving Puerto Rico and beyond, reported significant insider selling amid an 18.7% one-year total return.
Richard L. Carrion, a member of the Board of Directors at Popular (BPOP +0.15%), executed an open-market sale of 25,000 shares on November 24, 2025, as disclosed in this SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold | 25,000 |
| Transaction value | ~$2.8 million |
| Post-transaction shares | 193,020 |
| Post-transaction value (direct ownership) | ~$21.8 million |
Transaction value based on SEC Form 4 weighted average purchase price ($113.50).
Key questions
- What proportion of Richard Carrion’s direct holdings did this sale represent?
The 25,000 shares sold accounted for 11.47% of his direct ownership prior to the transaction, reducing his direct stake from 218,020 shares to 193,020 shares. - How does this transaction compare to Mr. Carrion’s historical trading activity?
Over the past two years, Mr. Carrion executed just one open-market sale, with the remainder of his Form 4 filings comprising administrative entries. As such, this transaction is his only reported open-market disposition during the period. - What is the context of the sale relative to Popular’s stock performance?
The shares were sold at a weighted average price of $113.50 per share on November 24, 2025, when the stock closed at $112.86. As of November 24, 2025, Popular had delivered an 18.69% one-year total return. - What is Mr. Carrion’s remaining economic exposure to Popular after the sale?
Post-transaction, Mr. Carrion retains direct ownership of 193,020 shares (valued at ~$21.8 million as of November 24, 2025).
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.98 billion |
| Net income (TTM) | $775.66 million |
| Dividend yield | 2.68% |
| 1-year price change | 18.69% |
* 1-year price change calculated using November 24, 2025 as the reference date.
Company snapshot
- Popular offers a comprehensive suite of retail, mortgage, and commercial banking products, including deposit accounts, commercial and consumer loans, leasing, investment banking, and insurance services.
- The company generates revenue primarily through net interest income on loans and deposits, as well as fee-based income from financial services and banking operations.
- Popular serves retail, small business, and commercial clients across Puerto Rico, the United States, and the British Virgin Islands, with a strong branch and ATM network supporting broad market access.
Popular, Inc. operates as a regional bank with operations in Puerto Rico, the United States, and the British Virgin Islands, leveraging a broad branch network and diversified financial services to serve individual and business customers.
Foolish take
Richard Carrion’s number of shares sold was a large percentage of his direct holdings, but it’s not a warning sign to sell. He still retains over 193,000 direct shares, and another 74,467 shares indirectly, which suggests Mr. Carrion isn’t in a rush to dump his holdings.
Popular shares have been climbing in 2025, and Mr. Carrion’s sale came in the wake of the stock hitting a 52-week high of $129.32 in September. Shares could rise higher, with the consensus among Wall Street analysts predicting an average price target of $143.11 as of Nov. 28.
Popular stock is rising because the company is doing well. Its net interest income in the third quarter was $646.5 million, up from $572.5 million in 2024. This contributed to net income of $211.3 million compared to $155.3 million in the prior year.
There’s no rush for shareholders to sell Popular stock, given the financial institution’s excellent business performance. In terms of buying shares, Popular’s price-to-earnings ratio of 10 is lower than it’s been for most of the past year, suggesting the stock is a good value, and now is not a bad time to buy.
Glossary
Open-market sale: When an insider sells company shares on a public exchange, not as part of a pre-arranged plan.
Director: A member of a company’s board responsible for overseeing management and major corporate decisions.
Form 4: A required SEC filing disclosing insider transactions in a company’s securities.
Weighted average purchase price: The average price paid per share, weighted by the number of shares bought or sold at each price.
Administrative entries: Non-trading changes in insider holdings, such as grants, awards, or transfers, reported on SEC forms.
Total return: The investment’s price change plus all dividends and distributions, assuming those payouts are reinvested.
Dividend yield: Annual dividends per share divided by the share price, expressed as a percentage.
Net interest income: The difference between interest earned on loans and interest paid on deposits.
TTM: The 12-month period ending with the most recent quarterly report.
Economic exposure: The total value at risk an investor has in a security, reflecting potential gains or losses.
Disposition: The act of selling or otherwise transferring ownership of an asset.
Direct ownership: Shares held personally by an individual, not through trusts or other entities.
