PROGRESSIVE CORP PGR
COM · Common Stock · CUSIP 743315103 · ISIN US7433151039
- SectorFinancials
- IndustryFire, Marine & Casualty Insurance
- HeadquartersMayfield Village, OH
- Founded1937
- Websiteprogressive.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($328.4m this quarter). Holder counts are more reliable. Shares outstanding: 586.4m as of 2025-10-02, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $246.64. Options: 37 managers hold calls ($531.4m notional), 33 hold puts ($457.3m).
Trends to Q3 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,105 |
| Q4 2022 | 1,171 |
| Q1 2023 | 1,189 |
| Q2 2023 | 1,183 |
| Q3 2023 | 1,174 |
| Q4 2023 | 1,330 |
| Q1 2024 | 1,462 |
| Q2 2024 | 1,527 |
| Q3 2024 | 1,659 |
| Q4 2024 | 1,764 |
| Q1 2025 | 1,847 |
| Q2 2025 | 1,910 |
| Q3 2025 | 1,801 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2023 | 581 | 564 |
| Q1 2024 | 743 | 584 |
| Q2 2024 | 771 | 587 |
| Q3 2024 | 854 | 650 |
| Q4 2024 | 804 | 720 |
| Q1 2025 | 932 | 783 |
| Q2 2025 | 968 | 776 |
| Q3 2025 | 781 | 958 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $574.4m | $504.1m | 0.88 |
| Q1 2025 | $502.2m | $465.3m | 0.93 |
| Q2 2025 | $634.3m | $449.7m | 0.71 |
| Q3 2025 | $531.4m | $457.3m | 0.86 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +21.3m |
| Capital International Investors | Added | +6.0m |
| Capital Research Global Investors | Added | +2.3m |
| TWO SIGMA ADVISERS, LP | Added | +1.4m |
| BlackRock, Inc. | Added | +1.1m |
| JANUS HENDERSON GROUP PLC | Added | +884.1k |
| GQG Partners LLC | Added | +802.7k |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +755.3k |
| CIBC Private Wealth Group LLC | Added | +731.2k |
| MARSHFIELD ASSOCIATES | Added | +653.8k |
Biggest sellers
| JENNISON ASSOCIATES LLC | Reduced | -3.2m |
| PRINCIPAL FINANCIAL GROUP INC | Reduced | -2.6m |
| ROYAL BANK OF CANADA | Reduced | -2.5m |
| FMR LLC | Reduced | -2.3m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -1.3m |
| BROWN ADVISORY INC | Reduced | -1.1m |
| MORGAN STANLEY | Reduced | -1.0m |
| Invesco Ltd. | Reduced | -881.4k |
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -825.0k |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -732.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $130.2m527.2k shares |
| CITADEL ADVISORS LLC | Added | $86.8m351.4k shares |
| JANE STREET GROUP, LLC | Added | $32.3m130.6k shares |
| IMC-Chicago, LLC | Added | $31.0m125.5k shares |
| Twin Tree Management, LP | Reduced | $25.1m101.7k shares |
| WOLVERINE TRADING, LLC | Reduced | $20.4m83.3k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $20.3m82.1k shares |
| D. E. Shaw & Co., Inc. | New | $17.4m70.3k shares |
| Cubist Systematic Strategies, LLC | Reduced | $16.7m67.7k shares |
| Qube Research & Technologies Ltd | Added | $15.6m63.1k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $156.2m632.5k shares |
| CITADEL ADVISORS LLC | Added | $57.3m232.2k shares |
| JPMORGAN CHASE & CO | Added | $41.8m169.4k shares |
| JANE STREET GROUP, LLC | Added | $32.2m130.3k shares |
| IMC-Chicago, LLC | Reduced | $23.3m94.2k shares |
| Qube Research & Technologies Ltd | Reduced | $17.0m69.0k shares |
| Delta Accumulation, LLC | Reduced | $12.9m7.6k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Added | $11.4m46.1k shares |
| SIMPLEX TRADING, LLC | Reduced | $11.3m45.7k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $10.5m42.7k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.5% |
| BlackRock, Inc. 13G · institution -1.8 pts · filed 2025-07-17 | 7.2% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q3 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2023 | 0 | — | 6 | $24.1m | $4.4m |
| Q1 2024 | 0 | — | 5 | $11.4m | $7.2m |
| Q2 2024 | 0 | — | 5 | $7.6m | $7.2m |
| Q3 2024 | 0 | — | 12 | $43.0m | $40.8m |
| Q4 2024 | 0 | — | 2 | $5.8m | $5.8m |
| Q1 2025 | 0 | — | 12 | $21.5m | $20.4m |
| Q2 2025 | 0 | — | 5 | $11.5m | $9.8m |
| Q3 2025 | 0 | — | 9 | $32.0m | $32.0m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-09-19 | Callahan Patrick K Personal Lines President | Sold plan | $1.6m6.4k shares |
| 2025-09-19 | Murphy John Jo Claims President | Sold plan | $537.0k2.2k shares |
| 2025-09-19 | Broz Steven Chief Information Officer | Sold plan | $325.6k1.3k shares |
| 2025-09-02 | Griffith Susan Patricia President and CEO, director | Sold plan | $7.5m30.7k shares |
| 2025-08-22 | Callahan Patrick K Personal Lines President | Sold plan | $1.6m6.2k shares |
| 2025-08-22 | Murphy John Jo Claims President | Sold plan | $556.2k2.2k shares |
| 2025-08-22 | Broz Steven Chief Information Officer | Sold plan | $337.3k1.3k shares |
| 2025-08-14 | Niederst Lori A CRM President | Sold plan | $2.0m8.1k shares |
| 2025-07-28 | Griffith Susan Patricia President and CEO, director | Sold plan | $7.4m30.7k shares |
| 2025-07-28 | Sauerland John P VP and Chief Financial Officer | Sold plan | $4.2m16.7k shares |
| 2025-07-28 | Bailo Karen Commercial Lines President | Sold plan | $2.2m8.9k shares |
| 2025-07-28 | Callahan Patrick K Personal Lines President | Sold plan | $1.5m6.2k shares |
| 2025-07-28 | Quigg Andrew J Chief Strategy Officer | Sold plan | $795.3k3.2k shares |
| 2025-07-28 | Bauer Jonathan S. Chief Investment Officer | Sold plan | $595.9k2.4k shares |
| 2025-07-28 | Murphy John Jo Claims President | Sold plan | $552.8k2.2k shares |
| 2025-07-18 | Broz Steven Chief Information Officer | Sold plan | $313.6k1.3k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.20% of their portfolio | 54.7m $13.5bn | Added +151.2k |
| BlackRock, Inc. 0.21% of their portfolio | 48.7m $12.0bn | Added +1.1m |
| JPMORGAN CHASE & CO 0.29% of their portfolio | 36.7m $9.1bn | Added +21.3m |
| STATE STREET CORP 0.22% of their portfolio | 25.8m $6.4bn | Added +78.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.25% of their portfolio | 15.7m $3.9bn | Added +146.6k |
| Capital International Investors 0.55% of their portfolio | 13.7m $3.4bn | Added +6.0m |
| BANK OF AMERICA CORP /DE/ 0.25% of their portfolio | 13.4m $3.3bn | Added +123.1k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.98% of their portfolio | 12.8m $3.1bn | Reduced -153.9k |
| FMR LLC 0.16% of their portfolio | 12.2m $3.0bn | Reduced -2.3m |
| Capital Research Global Investors 0.52% of their portfolio | 11.2m $2.8bn | Added +2.3m |
| ALLIANCEBERNSTEIN L.P. 0.84% of their portfolio | 10.8m $2.7bn | Reduced -180.2k |
| MORGAN STANLEY 0.15% of their portfolio | 10.3m $2.6bn | Reduced -1.0m |
| Capital World Investors 0.32% of their portfolio | 9.5m $2.3bn | Reduced -205.3k |
| GQG Partners LLC 3.54% of their portfolio | 9.3m $2.3bn | Added +802.7k |
| NORTHERN TRUST CORP 0.19% of their portfolio | 6.0m $1.5bn | Reduced -93.9k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.31% of their portfolio | 5.9m $1.4bn | Reduced -1.3m |
| DEUTSCHE BANK AG\ 0.45% of their portfolio | 5.5m $1.3bn | Added +251.0k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.14% of their portfolio | 5.1m $1.3bn | Reduced -79.4k |
| Nuveen, LLC 0.33% of their portfolio | 5.1m $1.2bn | Reduced -113.5k |
| JANUS HENDERSON GROUP PLC 0.57% of their portfolio | 5.0m $1.2bn | Added +884.1k |
| FIL Ltd 0.91% of their portfolio | 4.7m $1.2bn | Added +474.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.17% of their portfolio | 4.3m $1.1bn | Added +137.7k |
| Legal & General Group Plc 0.23% of their portfolio | 4.2m $1.0bn | Added +197.6k |
| Artisan Partners Limited Partnership 1.43% of their portfolio | 4.0m $991.6m | Added +84.7k |
| Invesco Ltd. 0.15% of their portfolio | 3.9m $960.1m | Reduced -881.4k |
| Baird Financial Group, Inc. 1.49% of their portfolio | 3.7m $925.9m | Added +192.8k |
| GOLDMAN SACHS GROUP INC 0.13% of their portfolio | 3.5m $875.3m | Reduced -297.0k |
| BROWN ADVISORY INC 1.05% of their portfolio | 3.3m $808.3m | Reduced -1.1m |
| Bank of New York Mellon Corp 0.14% of their portfolio | 3.2m $779.7m | Reduced -656.3k |
| Egerton Capital (UK) LLP 6.74% of their portfolio | 2.6m $639.3m | Reduced -49.3k |
| UBS Group AG 0.11% of their portfolio | 2.4m $581.1m | Reduced -455.9k |
| BARCLAYS PLC 0.21% of their portfolio | 2.3m $576.4m | Added +181.6k |
| WELLINGTON MANAGEMENT GROUP LLP 0.10% of their portfolio | 2.3m $570.2m | Reduced -732.3k |
| Fayez Sarofim & Co 1.27% of their portfolio | 2.2m $549.4m | Added +152.9k |
| DIMENSIONAL FUND ADVISORS LP 0.12% of their portfolio | 2.2m $545.1m | Added +263.0k |
| ROYAL BANK OF CANADA 0.10% of their portfolio | 2.2m $534.2m | Reduced -2.5m |
| California Public Employees Retirement System 0.29% of their portfolio | 1.9m $477.4m | Reduced -196.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.37% of their portfolio | 1.9m $475.3m | Added +616.6k |
| Bank Julius Baer & Co. Ltd, Zurich 1.33% of their portfolio | 1.9m $472.3m | Added +47.5k |
| Qube Research & Technologies Ltd 0.65% of their portfolio | 1.9m $461.7m | Reduced -245.9k |
| ENVESTNET ASSET MANAGEMENT INC 0.13% of their portfolio | 1.8m $456.2m | Added +48.5k |
| NEUBERGER BERMAN GROUP LLC 0.33% of their portfolio | 1.8m $451.0m | Reduced -39.7k |
| RAYMOND JAMES FINANCIAL INC 0.14% of their portfolio | 1.8m $437.1m | Reduced -220.5k |
| LONDON CO OF VIRGINIA 2.38% of their portfolio | 1.7m $431.9m | Reduced -29.7k |
| FRANKLIN RESOURCES INC 0.11% of their portfolio | 1.7m $425.0m | Reduced -669.7k |
| Sumitomo Mitsui Trust Group, Inc. 0.24% of their portfolio | 1.7m $422.2m | Reduced -74.7k |
| Swiss National Bank 0.24% of their portfolio | 1.7m $417.3m | Reduced -84.8k |
| MARSHFIELD ASSOCIATES 6.74% of their portfolio | 1.6m $389.6m | Added +653.8k |
| TWO SIGMA ADVISERS, LP 0.75% of their portfolio | 1.5m $375.3m | Added +1.4m |
| National Pension Service 0.28% of their portfolio | 1.4m $357.9m | Added +40.6k |
| BLAIR WILLIAM & CO/IL 0.95% of their portfolio | 1.4m $355.4m | Reduced -66.3k |
| AMERICAN CENTURY COMPANIES INC 0.18% of their portfolio | 1.4m $346.7m | Reduced -134.4k |
| D. E. Shaw & Co., Inc. 0.28% of their portfolio | 1.4m $341.5m | Added +632.4k |
| NORDEA INVESTMENT MANAGEMENT AB 0.29% of their portfolio | 1.4m $335.7m | Reduced -32.1k |
| Amundi 0.10% of their portfolio | 1.3m $313.7m | Reduced -174.8k |
| 1832 Asset Management L.P. 0.54% of their portfolio | 1.3m $317.0m | Added +559.8k |
| Caisse de depot et placement du Quebec 0.57% of their portfolio | 1.3m $315.7m | Added +129.2k |
| HSBC HOLDINGS PLC 0.18% of their portfolio | 1.3m $313.4m | Reduced -1.9k |
| PRIMECAP MANAGEMENT CO/CA/ 0.24% of their portfolio | 1.3m $312.6m | Reduced -73.8k |
| TD Asset Management Inc 0.25% of their portfolio | 1.3m $311.9m | Reduced -402.2k |
| AQR CAPITAL MANAGEMENT LLC 0.19% of their portfolio | 1.2m $301.6m | Added +381.9k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.23% of their portfolio | 1.2m $290.5m | Added +99.5k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.21% of their portfolio | 1.2m $289.9m | Added +52.1k |
| WELLS FARGO & COMPANY/MN 0.06% of their portfolio | 1.2m $289.4m | Reduced -293.9k |
| ROYAL LONDON ASSET MANAGEMENT LTD 0.60% of their portfolio | 1.1m $277.5m | Reduced -112.4k |
| RHUMBLINE ADVISERS 0.21% of their portfolio | 1.0m $256.8m | Reduced -10.0k |
| BROWN BROTHERS HARRIMAN & CO 1.51% of their portfolio | 1.0m $247.6m | Reduced -26.7k |
| FIRST TRUST ADVISORS LP 0.18% of their portfolio | 992.5k $245.1m | Added +318.9k |
| JANE STREET GROUP, LLC 0.28% of their portfolio | 971.3k $239.9m | Added +195.9k |
| AMERIPRISE FINANCIAL INC 0.05% of their portfolio | 965.7k $238.5m | Reduced -392.2k |
| Temasek Holdings (Private) Ltd 0.83% of their portfolio | 960.7k $237.2m | Added +522.0k |
| Russell Investments Group, Ltd. 0.27% of their portfolio | 951.6k $234.9m | Added +14.4k |
| TIMUCUAN ASSET MANAGEMENT INC/FL 6.74% of their portfolio | 931.9k $230.1m | Reduced -9.6k |
| TWO SIGMA INVESTMENTS, LP 0.35% of their portfolio | 928.5k $229.3m | Added +603.2k |
| MCDONALD CAPITAL INVESTORS INC/CA 14.01% of their portfolio | 912.9k $225.4m | Reduced -16.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.23% of their portfolio | 909.1k $224.5m | Reduced -6.6k |
| C WorldWide Group Holding A/S 3.43% of their portfolio | 900.1k $222.3m | Reduced -168.1k |
| NOMURA ASSET MANAGEMENT CO LTD 0.58% of their portfolio | 893.5k $220.7m | Added +183.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.11% of their portfolio | 879.7k $217.3m | Reduced -2.6m |
| BANK OF MONTREAL /CAN/ 0.09% of their portfolio | 870.7k $215.0m | Added +134.6k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.40% of their portfolio | 866.3k $213.9m | Reduced -121.7k |
| Corient Private Wealth LP 0.33% of their portfolio | 859.8k $209.5m | Added +27.4k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.15% of their portfolio | 841.7k $207.9m | Added +755.3k |
| CITIGROUP INC 0.14% of their portfolio | 836.2k $206.5m | Added +27.8k |
| AustralianSuper Pty Ltd 0.97% of their portfolio | 831.0k $205.2m | Added +141.0k |
| CIBC Private Wealth Group LLC 0.32% of their portfolio | 767.5k $189.5m | Added +731.2k |
| DekaBank Deutsche Girozentrale 0.31% of their portfolio | 762.2k $185.8m | Unchanged |
| Markel Group Inc. 1.51% of their portfolio | 753.8k $186.1m | Unchanged |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.12% of their portfolio | 752.6k $185.9m | Added +581.6k |
| Van Cleef Asset Management,Inc 18.89% of their portfolio | 752.6k $185.8m | Reduced -718 |
| NATIXIS ADVISORS, LLC 0.27% of their portfolio | 746.7k $184.4m | Reduced -27.9k |
| MBB PUBLIC MARKETS I LLC 24.53% of their portfolio | 745.6k $184.1m | Added +155.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.22% of their portfolio | 701.4k $173.2m | Reduced -35.0k |
| Vontobel Holding Ltd. 0.54% of their portfolio | 701.0k $173.1m | Reduced -25.5k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.75% of their portfolio | 699.7k $172.8m | Added +276.2k |
| Allspring Global Investments Holdings, LLC 0.27% of their portfolio | 695.0k $171.3m | Reduced -6.2k |
| Harding Loevner LP 1.25% of their portfolio | 691.4k $170.7m | Added +341.8k |
| Swedbank AB 0.17% of their portfolio | 689.1k $170.2m | Reduced -215.2k |
| Skandinaviska Enskilda Banken AB (publ) 0.68% of their portfolio | 685.1k $169.2m | Reduced -9.9k |
| Capitolis Liquid Global Markets LLC 1.33% of their portfolio | 674.5k $166.6m | Added +82.3k |