Citizens Financial Group, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 997 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• The 13F exclusion, the Citizens case. Citizens Financial Group itself files a Form 13F: for the quarter ended 30 June 2026 (filed 7 Aug 2026, accession 0000759944-26-000156, CIK 0000759944), the filing is a '13F COMBINATION REPORT' whose cover page names two other included managers: Citizens Bank, National Association and Citizens Private Wealth, LLC. Its summary page reports an Information Table Entry Total of 1,257 positions and an Information Table Value Total of $8,300,268,168. This is Citizens' wealth-management, private-wealth and trust book, i.e. client assets managed on behalf of others, not the parent company's own strategic balance-sheet stakes. The Q2 2026 10-Q separately discloses total client assets of $65.7 billion as of 30 Jun 2026, including $38.7 billion of assets under management and $27.0 billion of transactional assets, within the Consumer Banking / Private Bank and Wealth segment. Per the brief's exclusion of client-held index-style positions, no line item from Citizens' own 13F appears in holdings.
• The securities investment portfolio is excluded as a category, not sized as holdings. The Q2 2026 10-Q shows total debt securities available for sale and held to maturity of $46,587 million as of 30 Jun 2026 (versus $44,833 million at 31 Dec 2025), overwhelmingly Treasuries, agency and non-agency mortgage-backed securities and asset-backed securities held for liquidity and interest-rate management, not equity stakes in named companies.
• FRB and FHLB stock are excluded and are not equity stakes. The Q2 2026 10-Q's accounting-policy note states: 'Equity securities primarily consist of FHLB and FRB stock carried at cost and money market mutual fund investments held by the Company's broker-dealers carried at fair value... Equity securities are recorded in Other assets in the Consolidated Balance Sheets.' The balance sheet shows 'Equity securities, at cost' of $991 million (30 Jun 2026) / $807 million (31 Dec 2025), which per that policy note is primarily the FHLB and FRB membership stock: non-transferable, redeemable at par as a condition of membership rather than a market equity investment, correctly excluded per the brief. A separate 'Equity securities, at fair value' balance of $386 million (30 Jun 2026) / $317 million (31 Dec 2025) is, per the same policy sentence, money market mutual fund investments held by the Company's broker-dealer subsidiaries, also excluded: neither an operating-company stake nor individually named by issuer. Unlike Fifth Third's 10-K, Citizens' filings do not break the $991 million cost balance into separate FHLB and FRB dollar figures.
• Citizens does NOT currently hold Visa Class B shares, and unlike the four peer banks researched this session (Fifth Third, Huntington, M&T and Regions), Citizens carries no Visa-related swap or escrow liability either. The word 'Visa' does not appear anywhere in either the FY2025 10-K (cfg-20251231.htm) or the Q2 2026 10-Q (cfg-20260630.htm); nor do 'escrow', 'interchange litigation' or 'Class B'. A web search corroborates this as a real historical exit rather than a gap: Citizens recorded a gain of approximately $75 million on the sale of Visa Class B shares disclosed in its FY2014 Form 10-K, meaning the divestiture happened over a decade ago and evidently did not leave behind an ongoing swap liability the way it did for the four peer banks. No Visa row or liability note was added.
• Tax credit partnerships and renewable energy entities are excluded as unnamed combined balances, reasoned as financing structures rather than operating-company stakes. The Q2 2026 10-Q's 'Tax-Advantaged Investments' note states the Company's investments in Low Income Housing Tax Credit partnerships (Section 42 of the Internal Revenue Code) totaled $2.9 billion as of 30 Jun 2026 (versus $2.8 billion at 31 Dec 2025), with $1.0 billion of unfunded commitments, and that investments in renewable energy entities (generating tax credits and government incentives) totaled $224 million (versus $201 million at 31 Dec 2025), with $55 million of unfunded commitments. Both are diversified pools across many unnamed limited partnerships or LLCs sponsoring affordable-housing or renewable-energy projects for a return on capital and CRA credit, not stakes in identifiable operating companies, and neither figure is broken out by individual investee. Per the rule against assigning a combined balance to one investee, no holdings row was created for either bucket.
• Holdings are empty by design, a sourced finding rather than a gap. Both the Q2 2026 10-Q and the FY2025 10-K were searched for 'equity method', 'unconsolidated', 'joint venture', 'non-marketable', 'nonmarketable', 'minority interest', 'strategic investment', 'fintech' and 'venture capital'. 'Equity method' returns zero hits in either document. 'Joint venture' and 'non-marketable'/'nonmarketable' return zero hits in either document. 'Unconsolidated' appears only in the context of unconsolidated Variable Interest Entities (VIEs) used for loan securitization and lending to special-purpose entities in the Capital Markets business, none of which names an operating-company investee.
• Exhibit 21 (subsidiaries list, FY2025 10-K) was checked per the brief's technique for an unsized equity-method note, but here it lists only wholly owned subsidiary names and jurisdictions of organization, with no ownership-percentage column at all (unlike the Fifth Third/PPG/Quest Diagnostics precedent), so it provided no additional sizeable stakes. It does list 'Private Export Funding Corporation (PEFCO), DE' as a subsidiary; PEFCO is publicly known to be a consortium export-finance corporation with many bank and exporter shareholders, but no ownership percentage or share count for Citizens' interest in it is disclosed anywhere in the 10-K, 10-Q or Exhibit 21, so no holdings row was created for it; see unknowns.
• The former parent, Royal Bank of Scotland Group (now NatWest Group), holds nothing in Citizens today, verified in both directions. Citizens was IPO'd by RBS in September 2014, and per RBS/NatWest's own investor communications, RBS completed its full exit from its Citizens Financial Group stake in October 2015, ahead of its originally planned 2016 timeline. No RBS or NatWest Group holding appears in Citizens' Q2 2026 13F-derived register or in the 2026 proxy's 5-percent-holder table, consistent with a clean, complete, decade-old exit. This is a confirmed-zero note, not a register row.
• No merger or large share issuance moved Citizens' share basis. The SEC XBRL dei:EntityCommonStockSharesOutstanding series shows a steady decline, not a jump: 455,019,971 (26 Apr 2024) to 448,300,466 (26 Jul 2024) to 440,700,533 (25 Oct 2024) to 437,136,981 (4 Feb 2025) to 433,649,118 (25 Apr 2025) to 431,348,989 (25 Jul 2025) to 429,486,191 (24 Oct 2025) to 424,983,657 (4 Feb 2026) to 422,881,942 (24 Apr 2026) to 421,176,788 (24 Jul 2026, used here as company.shares_outstanding), consistent with ongoing common share buybacks rather than any acquisition-driven issuance.
• 13F-derived register figures use each Q2 2026 (30 Jun 2026) Form 13F-HR position, materially fresher than the 2026 proxy's own 5-percent-holder table, which the proxy itself sources to a Schedule 13G filed 13 Feb 2024 covering holdings as of 29 Dec 2023, over two years stale. Reconciliation: proxy (Dec 2023, stale) vs this file (Jun 2026, fresh): Vanguard 54,154,656 (11.6%) vs 52,039,360 (12.35%); BlackRock 38,951,734 (8.9%) vs 48,737,629 (11.57%); Capital World Investors alone 34,943,648 (7.8%) vs 23,269,185 (5.52% of company); State Street 28,380,838 (6.1%) vs 21,241,311 (5.04%); Invesco Ltd. 25,069,361 (5.6%) vs 22,154,682 (5.26%). The proxy's own percentages also use a slightly different, smaller denominator (424,993,893 shares as of 27 Feb 2026) than shares outstanding used here (421,176,788 as of 24 Jul 2026).
• Register share counts are cross-checked against an implied price per share for the Q2 2026 (30 Jun 2026) quarter: BlackRock $70.08, Invesco $70.07, Capital World Investors $70.07, State Street $70.06, T. Rowe Price (after the thousands rescale) $70.07, all clustering tightly and supporting the T. Rowe Price rescale and the overall figures.
• Self-gate check, computed with the exact chart formula in the research brief: 11 register rows. Bruce Van Saun counted at full value (1,152,397); the 22-person officers/directors group counted at its residual of 2,831,371 minus 1,152,397 = 1,678,974 to avoid double-counting the CEO. All institutional rows (Vanguard, BlackRock, Capital Group, Invesco, State Street, Geode, FMR, JPMorgan, T. Rowe Price) counted at full value. Total: 189,993,284 shares against 421,176,788 shares outstanding, or 45.11%. This sits just above the 25-45% range the chunk prompt describes as typical, plausible for a large widely held regional bank whose top three holders (Vanguard, BlackRock, Capital Group) alone already sum to about 30% of the company; it was not found to result from a mixed instrument, split, or double-counted holder.