Two of 147: One Holder Is 99.4% of the Superinvestors' Citizens Financial Stake. Its Two Insider Purchases Total 30 Shares.

GetCoattail Research — The Filing Tape #90. Citizens Financial reports third-quarter earnings this morning, and the filings describe a regional bank the full market kept adding to while the tracked cohort barely moved: 2 of the 147 superinvestors we track hold it, one is 99.4% of that stake and two others exited in Q2, its insiders' two open-market purchases in the entire parsed record total 30 shares against 3 sales, Congress appears in none of our three aggregates, the 5% register holds no 13D-family filing at all, and the borrow has risen 89.3% in a year to 4.03% of the share count.

The Hype

Citizens Financial Group is the Providence, Rhode Island regional bank that reports third-quarter 2026 earnings today, Friday, October 16, before the open, with a 9:00 a.m. ET call, according to the company's own announcement. TipRanks' weekly calendar lists it with Truist Financial as Friday's two major reporters. The bar is not low: analysts expect earnings of $1.39 per share on revenue of about $2.34 billion, according to MarketBeat, and Barchart's preview puts the expected profit at $1.38 per share, up 31.4% from $1.05 a year ago, noting four straight quarters of estimate beats. The quarter being followed set that bar: on July 16, Citizens reported earnings of $1.30 per share against a $1.25 consensus, on revenue of $2.28 billion, up 12.1% from a year ago, with net income up 35%. Our price file adds the market's side: the stock closed October 2 at $64.33, down 13.9% from its 252-session closing high of $74.73 on August 14 and up 10.1% year to date, after rising 16.8% in the second quarter. The filings below describe who held it, who sold it, and who was borrowing it.

The Tape

For Citizens Financial — the ninetieth Filing Tape audit — the tape shows a 2-name cohort that is effectively one holder, a register total that was flat in a quarter when the full market added 58.9 million shares, an insider record whose two purchases total 30 shares, no congressional row in any aggregate, a 5% register with no 13D-family filing, and a borrow that has nearly doubled in a year while staying far below its 2023 peak.

Lens 1 — the superinvestors: 2 holders, one of them 99.4% of the stake. We now track 149 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR — 147 filed for the second quarter (see the roster note below). As of June 30, 2026, 2 held Citizens Financial long, totalling 1,083,742 shares worth $75,937,845, with no option rows, under a single CUSIP. Sarah Ketterer - Causeway Capital Management is effectively the whole position, with 1,077,093 shares worth $75,471,950 — 99.4% of the cohort — at a 0.82% portfolio weight, labelled INCREASED (+2.7%). The second holder, Atalanta Sosnoff Capital, holds 6,649 shares worth $465,895 — 0.6% of the cohort — labelled DECREASED (-10.2%). Two tracked managers left the register entirely: Lee Ainslie - Maverick Capital (22,222 shares) and Steven Check - Check Capital Management (3,800 shares). Because every continuing holder verifies row by row in this audit, we publish the cohort total: continuing holders rose from 1,055,931 shares at March 31 to 1,083,742 at June 30 (+27,811 shares, +2.6%), and the full register including the two exits moved from 1,081,953 shares to 1,083,742 — a change of +1,789 shares, or +0.2%, in a quarter when the price rose 16.8%. 13F figures are as of June 30, 2026; funds have up to 45 days to file, so this picture is complete — and always lagging.

Lens 2 — institutions: 90 more filers, 58.9 million more shares. At June 30, 2026, 1,095 institutions reported positions, up 90 from 1,005 at March 31 (+8.96%); 1,093 are long. Reported shares rose 17.03%, from 345,862,264 to 404,750,117 — a gain of 58,887,853 shares. Reported value rose 37.08% to $27,469,614,692, labelled "reported" because the aggregate includes option rows (see methodology). The flow fields agree: 962 filers entered and 872 exited, a net of +90 matching the holder-count change.

Lens 3 — insiders: 2 purchases totalling 30 shares in the entire parsed record, against 3 sales. The parsed Form 4 record holds 147 filings through October 2, 2026, and across all of it there are exactly two open-market purchase transactions: 30 shares in total, for $1,116.00, by 1 buyer — and neither is an officer purchase. Both purchases sit inside the last 90 days, beside 1 sale of 129,369 shares for $9,323,623.83, by 1 seller — an officer sale. Sale transactions number 3 across the full record: 148,677 shares for $10,469,186.15, by 3 sellers, all of them officer sales — the one-year window holds the same 3 sales, so every sale in the record is inside the last year.

Lens 4 — Congress: no row in any of the three aggregates. The combined record (as of October 3, 2026), the House aggregate (same date) and the Senate aggregate (as of October 1, 2026) each carry no row for this name — a recorded absence in all three files, not an estimate of zero trades by any other route.

Lens 5 — the 5% register: seven filings, all passive, no 13D at all. Our full parse holds 7 SC 13D/G filings matching the site aggregate exactly — no SC 13D-family filing and seven SC 13G-family filings (four SC 13G/A and three SC 13G), four of the seven amendments, with seven reporting-person rows across five names — most recently filed August 12, 2026. The register maximum is 8.9%: BlackRock, Inc. reports 38,951,734 shares as of March 31, 2025, filed April 17, 2025 as SC 13G/A. Its latest filing is smaller: Capital World Investors reports 23,539,168 shares at 5.6% as of June 30, 2026, filed August 12, 2026, down from its own 28,256,691 shares at 6.6% as of March 31, 2026. Vanguard Capital Management prints 31,212,801 shares at 7.34% as of March 31, 2026, STATE STREET CORPORATION prints 21,263,407 shares at 5.0% as of June 30, 2026, and The Vanguard Group prints 0 shares (0.0%).

Lens 6 — short interest: 16,967,370 shares, up 89.3% in a year, 42.8% below the 2023 peak. The series covers all 137 FINRA settlements in the collection, from January 15, 2021 to September 15, 2026, with a Citizens Financial row at every settlement — no symbol gap. As of September 15, 2026, 16,967,370 shares were sold short, up 17.09% from the prior settlement (14,491,419 on August 31, 2026), at 4.87 days to cover. The series maximum is 29,680,583 shares on August 15, 2023 (verified by a maximum query over the series), so the latest reading sits 42.8% below the peak; the series minimum is 5,186,546 shares on October 14, 2022. Against the year-ago settlement (8,962,516 on September 15, 2025) the latest is up 89.3%, and against the June 30, 2026 settlement of 15,644,842 shares it is up 8.5%. Against 421,176,788 shares outstanding, the borrow is 4.03% of the share count.

The Gap

The narrative arriving with this morning's report is momentum: four straight earnings beats, a second quarter that grew revenue 12.1% and net income 35%, a consensus expecting $1.39 a share, and a full market that spent Q2 adding this bank — 90 more filers and 58,887,853 more shares, a 17.03% build, in a quarter when the price rose 16.8%. The filings describe the tracked cohort's part in much narrower terms. Two of 147 managers hold the name at all, and one of them — Causeway, at a 0.82% portfolio weight — is 99.4% of the position. The register did not grow into the rally: it ended the quarter at 1,083,742 shares, up 0.2% from 1,081,953, because Causeway's +2.7% increase was nearly all offset by Atalanta Sosnoff's -10.2% trim and two complete exits. The insider record is thinner still: two purchases totalling 30 shares and $1,116.00 in the entire parsed record, against 3 sales of 148,677 shares, every one of them an officer sale, including one of 129,369 shares in the last 90 days alone. Congress is not a small print here; it is no print at all — no row in the combined, House or Senate aggregates. The 5% register holds no activist and no 13D-family filing: its seven prints are BlackRock, Vanguard and State Street entities and Capital World Investors, the largest at 8.9%, and its newest print is a holder trimming from 6.6% to 5.6%. And the borrow is the one lens that has built all year: 16,967,370 shares, 4.03% of the share count, up 89.3% from a year ago and 17.09% at the latest settlement, even as it stays 42.8% below its August 2023 peak. One plausible reading is that the quarter's buying was broad and institutional while the tracked cohort's register stayed a single manager's position, and the borrow quietly rebuilt against it. The record supports each clause separately; it does not say what this morning's earnings change.

What Would Change the Picture

Nothing above is a recommendation. It is a record. These filings would change it:

• 1. The 2026Q3 13Fs (filing window closing mid-November 2026). The cohort held 1,083,742 shares at June 30, with Causeway at 99.4% of it and two managers freshly exited. Whether a third tracked manager appears — or Causeway's near-total share of the register moves — decides whether the register reads as one manager's position or a broadening base.
• 2. A third insider purchase, or a stop in the selling. The parsed record holds two purchases totalling 30 shares against 3 officer sales, 1 of them a 129,369-share sale in the last 90 days. A purchase larger than the 30-share record so far would be this lens's first new fact of its kind; a quarter without sales would soften it the other way.
• 3. A first congressional row. The combined, House and Senate aggregates all carry no row for this name. A single reported transaction in any of the three files changes a lens that is currently an absence.
• 4. A first 13D, or a change on the passive register. The register's 7 filings are all passive 13G-family prints, the largest at 8.9% as of March 31, 2025, and the latest a trim to 5.6%. A first activist-style 13D, or a materially different print from any of the five reporting names, would be this lens's first change of kind.
• 5. Short interest picking a direction. The borrow stands at 16,967,370 shares, up 89.3% from a year ago but 42.8% below the August 15, 2023 peak of 29,680,583, and up 17.09% at the latest settlement. A sustained build back toward that 2023 peak would complete the rebuild; a renewed decline unwinds it.

Related reading: Twelve of 147: One Holder Is 61.3% of the Superinvestors' Prologis Stake. Its Insiders Have Bought Once. — Filing Tape #89; Six of 147: One Holder Is 67.0% of the Superinvestors' U.S. Bancorp Stake. Its Insiders Have Bought Once. — Filing Tape #88. Citizens Financial' own page: Citizens Financial (CFG) on GetCoattail.

Methodology and data notes

• As-of & limits: The lenses rest on different clocks, none live: 13F is a June 30, 2026 snapshot published up to 45 days later; Form 4 runs through October 2, 2026; Congress aggregates run through October 3, 2026 (Senate file through October 1, 2026); 13D/G through August 12, 2026; short interest through September 15, 2026; the price file ends October 2, 2026. Two limits are specific to this audit. First, the roster expanded before the recent audits — from 85 managers (83 filing) to 149 (147 filing) — so "of 147" counts are not comparable to earlier pieces' "of 83" figures. Second, this morning's third-quarter earnings postdate every lens here and are known to this audit only from outside coverage, not from our own files.
• Superinvestor lens: 147 filing managers (of a 149-manager roster) collected directly from SEC EDGAR Form 13F (managers_13f collection, regenerated October 15, 2026 for the expanded roster), positions as of June 30, 2026; Citizens Financial identified by its single cohort CUSIP 174610105. Two distinct managers hold long positions totalling 1,083,742 shares; there are no option rows for this name in the collection, and the collection's exit list carries two rows for this name (Lee Ainslie - Maverick Capital, previously 22,222 shares; Steven Check - Check Capital Management, previously 3,800 shares). The direction count on the collection's labels, across the long rows, is one INCREASED and one DECREASED. Sarah Ketterer - Causeway Capital Management's share of the cohort is 99.4% = 1,077,093 / 1,083,742; Atalanta Sosnoff Capital's is 0.6% = 6,649 / 1,083,742. The cohort's reported values imply $70.07 per share, exactly the June 30, 2026 close of $70.07 in our price file — both holder rows imply $70.07 individually. Quarter-to-quarter cohort totals are published in this audit because every continuing holder verifies: following the rule used in the previous audits, each continuing holder's first-quarter row was accepted only when (a) it sits under the same filing-agent prefix as the manager's second-quarter accession — the pipeline files' accession prefixes identify filing agents, not managers, and several prefixes are shared — and (b) the row's implied shares-change reproduces the manager's EDGAR shares-change label at one decimal place. Both continuing holders verify exactly that way (first-quarter rows of 1,048,526 shares for Causeway and 7,405 shares for Atalanta Sosnoff), so the continuing total is 1,055,931 shares at March 31 rising to 1,083,742 at June 30 (+2.6%), and adding the two exited managers' first-quarter rows (22,222 and 3,800 shares) gives the register total of 1,081,953 shares at March 31 against 1,083,742 at June 30 (+0.2%). The site pipeline's holdings files cover 147 accessions (the expanded roster): their second-quarter CUSIP total (2 rows, 1,083,742 shares) matches the EDGAR cohort exactly, and their first-quarter total (4 rows, 1,081,953 shares) matches the register total above exactly.
• Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the ticker's CUSIP; 1,093 reported long positions out of 1,095 filers). Citizens Financial carries a single CUSIP in this aggregation (174610105), and the backfill fixtures' by-CUSIP row for it matches the by-ticker row on every field — holders, long holders, shares, reported value, prior holders and prior reported value — exactly. The by-ticker file's entered/exited fields (962 and 872, a net of +90 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($27,469,614,692 over 404,750,117 shares) implies $67.87 per share against a June 30, 2026 close of $70.07 in our price file, a gap of -3.14% — printed here as found. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
• Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (147 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. Purchase transactions total two in the full parsed record — 30 shares for $1,116.00 in total, by one buyer, and neither purchase is an officer purchase transaction — and both sit inside the 90-day window (July 5 to October 2, 2026). Sale transactions total 3 across the record (148,677 shares, $10,469,186.15, 3 sellers, all 3 of them officer sale transactions), all inside the one-year window (October 3, 2025 to October 2, 2026), and 1 in the 90-day window (129,369 shares, $9,323,623.83, 1 seller, an officer sale). The site's insider aggregate (compiled as of October 15, 2026, over its own 90-day window) reports 2 purchases, 1 sale, 1 buyer and 1 seller with $1,116.00 of purchase value and $9,323,623.83 of sale value — an exact match to the full parse's 90-day window. The full-parse aggregate's sale totals imply $72.07 per share for the 90-day window and $70.42 for the one-year window and the full record, each inside the traded close range of its window on our price file ($63.70 to $74.73 for the 90-day window, $48.39 to $74.73 for the one-year window), so the sale totals are cited as figures in this article. The two purchases' total implies $37.20 per share, which sits below the one-year window's close range on our close-only price file ($48.39 to $74.73), though inside the price file's full range ($22.87 to $74.73): the purchases total 30 shares, our file records closes rather than intraday lows, and we cite the purchases exactly as filed without using them as a price signal. "Its two insider purchases total 30 shares" in this audit means two purchase transactions in the parsed Form 4 record we maintain; it is a statement about that record, not about any individual's complete history.
• 13D/G lens: full-parse SC 13D/G parsed filings (7 filings matching issuer CIK 759944 on CUSIP 174610105: four SC 13G/A and three SC 13G, the /A filings being amendments; there is no SC 13D-family filing for this issuer in the parsed coverage), filings through August 12, 2026. The site aggregation carries this name under a ticker-keyed row; that row (7 filings, 0 D-filings, 7 G-filings, 4 amendments, 5 reporters, latest date August 12, 2026, maximum 8.9% and 163,498,929 reported shares) matches the parsed filings on filings, form mix, amendments, latest date, maximum and reported-share total. The parsed reporting-person rows sum to 163,498,929 shares, but that total sums reporting-person rows across different dates, so it is not used as a stake figure in the article. The rows are reported as filed, under the names exactly as they appear: BlackRock, Inc. printing 38,951,734 shares at 8.9% as of March 31, 2025, filed April 17, 2025 as SC 13G/A; The Vanguard Group printing 0 shares at 0.0% as of March 13, 2026, filed March 26, 2026 as SC 13G/A; Vanguard Capital Management printing 31,212,801 shares at 7.34% as of March 31, 2026, filed April 29, 2026 as SC 13G; STATE STREET CORPORATION printing 20,275,128 shares at 4.8% as of March 31, 2026, filed May 12, 2026 as SC 13G, and 21,263,407 shares at 5.0% as of June 30, 2026, filed August 7, 2026 as SC 13G; and Capital World Investors printing 28,256,691 shares at 6.6% as of March 31, 2026, filed May 14, 2026 as SC 13G/A, and 23,539,168 shares at 5.6% as of June 30, 2026, filed August 12, 2026 as SC 13G/A. The BlackRock, Vanguard, State Street and Capital World names are separate reporting persons as filed and are not combined in this audit. The parsed coverage for this issuer holds these 7 filings; a 5% holder that has not filed in the covered window would not appear here.
• Congress lens: Senate PTR archive and House PTR archive as maintained on this site. The combined record (as of October 3, 2026) carries no row for this name; the House aggregate (as of October 3, 2026) carries no row; and the Senate aggregate (as of October 1, 2026) carries no row. This audit reports that as a recorded absence in all three aggregates and does not convert it into a claim about any individual member's trading by any other route.
• Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. The published series covers all 137 settlements in the collection, from January 15, 2021 (first settlement in the series, 5,524,548 shares) to September 15, 2026, and a Citizens Financial row appears at every settlement — there is no symbol gap in this audit, so the year-over-year comparison is published like-for-like. The latest reading is 16,967,370 shares on September 15, 2026, up 17.09% from the prior settlement (14,491,419 on August 31, 2026). The series maximum is 29,680,583 shares on August 15, 2023 (verified by a maximum query over the series, not read off the latest row), so the latest reading sits 42.8% below the maximum. The year-ago settlement (September 15, 2025) printed 8,962,516 shares, so the latest reading sits 89.3% above a year ago. The series minimum is 5,186,546 shares on October 14, 2022. One comparability note on this series: the files report each settlement as filed and do not restate earlier settlements, and the largest step between consecutive settlements in this series is 1.727x — between the October 14, 2022 settlement (5,186,546 shares, also the series minimum) and the October 31, 2022 settlement (8,958,084 shares); our price file shows no split-style discontinuity across that step (closes of $35.82 on October 14, 2022 and $40.90 on October 31, 2022) and records no split for this name, so the step is reported as a reported build, not a split artefact. The June 30, 2026 settlement printed 15,644,842 shares, so the latest reading sits 8.5% above the 13F snapshot date's borrow. FINRA publishes each settlement about two weeks after the fact, so the October price action is not yet in this series. The share-count ratio (4.03%) uses the fundamentals file's shares-outstanding figure below.
• Fundamentals note: our fundamentals collection carries Citizens Financial's revenue of $8,247,000,000, net income of $1,831,000,000 and assets of $226,351,000,000, each labelled fiscal 2025 in the file. The file is marked ok for this name, with no missing fields: shares outstanding of 421,176,788 (as of July 24, 2026 in the file, sourced in the file to the share count) and a file-computed market value of $26,993,218,800.52. The file does not flag the issuer as a foreign private issuer, and it carries SIC 6022, State Commercial Banks. The file's price for the name is $64.09 as of October 6, 2026; our daily-close file ends October 2, 2026 at $64.33, and we keep the two files' figures separate rather than blending them.
• Prices: our own daily-close file for Citizens Financial through October 2, 2026 ($64.33 close, +10.1% year to date on that file; the 252-session closing high is $74.73 on August 14, 2026, so the last close sits 13.9% below it; the 252-session closing low is $48.39 on October 16, 2025, so the last close sits 32.9% above it; closes of $59.97 at March 31, 2026 and $70.07 at June 30, 2026, a second-quarter change of +16.8%; change from June 30 to October 2 of -8.2%; change from the September 30, 2025 close of $53.16 of +21.0%). The series in our price file begins June 1, 2021 at $50.35 and holds 1,342 rows; the file's lowest close is $22.87 on October 27, 2023 and its highest close is $74.73 on August 14, 2026.
• Market context sources: TipRanks' earnings calendar for the week of October 12-16, 2026 (checked October 16, 2026; its Friday, October 16 list names Citizens Financial and Truist Financial as the day's major reporters); the company's earnings announcement carried by Business Wire (checked October 16, 2026; third-quarter results on October 16, 2026 with a live call at 9:00 a.m. ET); MarketBeat's earnings preview (checked October 16, 2026; Citizens Financial is projected to post earnings of $1.39 per share and revenue of $2.34 billion for the quarter, and its second-quarter report on July 16, 2026 printed $1.30 per share against a $1.25 consensus on revenue of $2.28 billion, up 12.1% year over year); Barchart's earnings preview (checked October 16, 2026; analysts expect a profit of $1.38 per share, up 31.4% from $1.05 per share in the year-ago quarter, and the bank has surpassed estimates in each of its last four quarterly reports). The second-quarter net-income growth figure (+35%) is StockTitan's summary of the company's release, reported through market coverage. Truist Financial (TFC), listed after Citizens Financial on the same Friday calendar, was not used: our fundamentals collection marks the name partial, with net income and revenue missing, so its fundamentals lens is blank. Figures we could not confirm were left out; the external items above are reported speech from those outlets, not GetCoattail measurements.
• Citizens Financial is in the GetCoattail stock-page universe: Citizens Financial (CFG) stock page. Series data: cfg_lens_data.csv · cfg_short_interest_series.csv. Earlier audits: Prologis · U.S. Bancorp.

Past patterns are not a promise of future results. For education only — not investment advice.

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history

• v1.0 — October 16, 2026: first publication.