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Michael Navas

Managing Director and Senior Research Analyst at Piper Sandler

Manuel Navas is a Managing Director and Senior Research Analyst at Piper Sandler, specializing in financial services equity research with a focus on regional and community banks, particularly those in the Northeastern and Eastern U.S. He covers banks such as OFG Bancorp and has demonstrated strong performance with a 68.97% success rate and an average return of 2.83%, earning a 3.61-star rating as a stock analyst. Navas joined Piper Sandler in 2025 after five years as a Managing Director and Senior Research Analyst at D.A. Davidson covering Mid-Atlantic banks, with prior roles at BMO Capital Markets and Macquarie Capital, and earlier experience as a financial advisor. He holds an MBA from New York University’s Stern School of Business and a Bachelor of Science in international business from the University of Maryland.

Michael Navas's questions to POPULAR (BPOP) leadership

Question · Q4 2025

Michael Navas inquired about the specific market conditions that would influence Popular's share buyback pace, such as valuation or pricing, and whether there's a total return target.

Answer

Jorge García, EVP and CFO, explained that buybacks are executed via 10b5-1 plans, meaning changes in market prices could impact the execution grids. He also noted that the global political and macroeconomic environment influences the perception of market conditions and the pace of repurchases. Mr. García reiterated that Popular finds its current share price attractive.

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