Progressive (PGR): which funds own it
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Sections with a free account
44 concentrated managers hold it (+1 vs last quarter) with a median weight of 2.8%.
Who owns Progressive?
Holders reporting more than 5% of the shares to the SEC (Schedules 13D/13G): Vanguard Capital Management, 7.5% (13G filed Apr 30, 2026) and BlackRock, 7.2% (13G/A filed Jul 17, 2025). As of Jun 30, 2026, the largest holders reported on Form 13F were BlackRock (8.2% of the shares), Vanguard Capital Management (6.5%) and Capital Research Global Investors (4.5%).
Which institutions hold the most Progressive shares?
Per Form 13F filings as of Jun 30, 2026, as a share of all shares outstanding:
- 1. BlackRock: 8.2%
- 2. Vanguard Capital Management: 6.5%
- 3. Capital Research Global Investors: 4.5%
- 4. State Street: 4.5%
- 5. Geode Capital Management: 2.9%
- 6. Capital World Investors: 2.1%
- 7. Bank of America: 2.1%
- 8. Vanguard Portfolio Management: 2.0%
- 9. FMR: 1.9%
- 10. JPMorgan Chase: 1.8%
How much of Progressive do institutions own?
The 1,834 institutions that file 13F reported 87.2% of the shares as of Jun 30, 2026 (not counting 4 positions with implausible figures).
Sources:13G by Vanguard Capital Management (Apr 30, 2026) ↗13G/A by BlackRock (Jul 17, 2025) ↗All of the company's proxy statements on EDGAR ↗
13F percentages divide the shares each institution reports by the shares outstanding on the cover of the company's latest report before the quarter end (Apr 2, 2026). Entities of the same group file separately and are not added up. We hold 13D and 13G filings made since Dec 23, 2024: a holder above 5% that has not filed since then does not appear here.
Progressive revenue
Progressive reported annual revenue of $87.67 billion for fiscal year 2025 (year ended December 31, 2025), according to its Form 10-K filed with the SEC (XBRL data).
Well-known investors holding it
- François RochonGiverny Capital4.0%
- Tom GaynerMarkel Group1.2%
- Bruce BerkowitzFairholme1.1%
- George SorosSoros Fund0.0%
François Rochon 13F (Q2 2026)Tom Gayner 13F (Q2 2026)Bruce Berkowitz 13F (Q2 2026)George Soros 13F (Q2 2026)
Quarter flow (concentrated managers)
Change in managers (43 → 44): 3 opened · 2 exited = +1
Net flow in the quarter: +$217M (+994 K shares) · bought $408M and sold $191MShares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.
The set of concentrated managers changed between quarters: with the set as it was then, 41 held it last quarter (the chart point); with today's set, 43 (the base for the change).
Concentrated managers holding it
- Marshfield AssociatesReduced$470M11.0%−1.3 pp
- Longview Partners (Guernsey)New$266M4.3%+3.8 pp
- MBB Public Markets IIncreased$206M22.2%+1.2 pp
- Timucuan Asset Management$199M7.3%
- ConsultaIncreased$197M7.1%+2.4 pp
- Mcdonald Capital InvestorsReduced$176M12.9%−1.1 pp
- Bonness Enterprises$112M36.0%
- Central Securities$87.4M6.5%
- Capco Asset Management$41.6M11.4%
- Global Frontier Investments$39.8M6.8%
- LFL AdvisersIncreased$37.7M10.1%+1.9 pp
- NFC Investments$28.4M7.2%
- Wedgewood PartnersIncreased$23.2M4.8%+1.0 pp
- Weik Capital ManagementReduced$19.0M7.3%−0.1 pp
- GoodHaven Capital ManagementIncreased$13.5M4.3%+0.3 pp
Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.
Other relevant holders
Filers with $100M or more in the stock that do not count as concentrated managers because of their type: they are left out of the counts, the consensus and the accumulation.
- Norges BankPension or sovereign fund$1.9 bn0.2%
- Caisse de depot et placement du QuebecPension or sovereign fund$492M0.7%
- Swiss National BankPension or sovereign fund$360M0.2%
- California Public Employees Retirement SystemPension or sovereign fund$307M0.2%
- National Pension ServicePension or sovereign fund$292M0.2%
- Alecta Tjanstepension OmsesidigtPension or sovereign fund$226M0.9%
- APG Asset ManagementPension or sovereign fund$224M0.6%
- AMF Tjanstepension ABPension or sovereign fund$203M1.2%
Largest holders of PGR (all 13F filers)
- BlackRock48.0 MIndex manager · 8.29% of the company−4.3 M
- Vanguard Capital Management38.1 MIndex manager · 6.58% of the company+50 K
- Capital Research Global Investors26.5 MInvestment firm · 4.58% of the company+4.0 M
- State Street26.5 MIndex manager · 4.58% of the company+656 K
- Geode Capital Management17.0 MIndex manager · 2.94% of the company+753 K
- Capital World Investors12.5 MInvestment firm · 2.16% of the company−1.7 M
- Bank of America12.3 MBank or trading desk · 2.12% of the company−595 K
- Vanguard Portfolio Management11.7 MIndex manager · 2.02% of the company−9,752
- FMR11.2 MInvestment firm · 1.94% of the company+3.4 M
- JPMorgan Chase10.3 MBank or trading desk · 1.78% of the company−1.8 M
- Shares
- 48.0 M
- Change
- −4.3 M
- % of the company
- 8.29%
See more
- Type
- Index manager
- Value
- $10.5 bn
- Shares
- 38.1 M
- Change
- +50 K
- % of the company
- 6.58%
See more
- Type
- Index manager
- Value
- $8.3 bn
- Shares
- 26.5 M
- Change
- +4.0 M
- % of the company
- 4.58%
See more
- Type
- Investment firm
- Value
- $5.8 bn
- Shares
- 26.5 M
- Change
- +656 K
- % of the company
- 4.58%
See more
- Type
- Index manager
- Value
- $5.8 bn
- Shares
- 17.0 M
- Change
- +753 K
- % of the company
- 2.94%
See more
- Type
- Index manager
- Value
- $3.7 bn
- Shares
- 12.5 M
- Change
- −1.7 M
- % of the company
- 2.16%
See more
- Type
- Investment firm
- Value
- $2.7 bn
- Shares
- 12.3 M
- Change
- −595 K
- % of the company
- 2.12%
See more
- Type
- Bank or trading desk
- Value
- $2.7 bn
- Shares
- 11.7 M
- Change
- −9,752
- % of the company
- 2.02%
See more
- Type
- Index manager
- Value
- $2.6 bn
- Shares
- 11.2 M
- Change
- +3.4 M
- % of the company
- 1.94%
See more
- Type
- Investment firm
- Value
- $2.4 bn
- Shares
- 10.3 M
- Change
- −1.8 M
- % of the company
- 1.78%
See more
- Type
- Bank or trading desk
- Value
- $2.3 bn
The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.
Held by institutions (13F)
Institutions (13F): 87.2% of the shares · top 10: 36.7% · in index firms: 32.6% of the institutional total
Q2 2026: 87.2%
Shares reported by the 1,834 13F filers as of Jun 30, 2026 (not counting 4 positions with implausible figures), divided by the shares outstanding on the cover of the company's latest report (Apr 2, 2026). It is not all institutional ownership: only managers above $100M file a 13F, and it excludes short positions. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. We only publish it where the figure is credible: not for ADRs, companies with more than one share class or stale shares-outstanding data.
Fundamentals
12-month figures to Sep 30, 2026.
- Operating margin
- —
- Net margin
- 12.7%
- ROE
- 33.7%
- Revenue (TTM)
- $91.7 bn
- Revenue growth
- 7.7%
- Net income (TTM)
- $11.6 bn
- Quality vs sector
- 50/100
Bank, insurer or other financial company: we do not show net debt / EBITDA or free cash flow. Its cash flow moves with loans and the investment portfolio, and its debt is part of the business: those figures do not read as they do for an industrial company.
Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated
Shares outstanding: buybacks and dilution
2025: 588.1 M
- 1 year
- +0.1%
- 3 years
- +0.2%
- 5 years
- +0.1%
- Buybacks (FY 2025)
- no data
- Share issuance
- no data
- Stock-based compensation
- $132M0.2% of revenue
- Dividends paid
- $2.9 bn
From the statements the company filed with the SEC (10-K). The change compares average diluted shares of each fiscal year, on today's basis: negative = it bought back more than it issued; positive = dilution. “No data” = the company does not report that item under a tag we can read; it does not mean zero.
Earnings quality and debt
- Operating cash flow ÷ net income (12 months)
- 1.35
Bank or insurer: debt ratios do not apply.
From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.
Insiders (Form 4)
10% owners who bought (6 m): 0
Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.
Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →
Above 5% (13D/13G)
Disclosed stakes, with their amendments. A filing is not always a purchase: there are also reductions and changes of filing entity.
This list may be incomplete: we hold 13D and 13G filings made since Dec 23, 2024. A holder above 5% that has not filed anything since then is not shown here.
- Vanguard Capital Management7.53%(previously filed by The Vanguard Group)13Gfiling ↗Event: Mar 31, 2026 · filed: Apr 30, 2026
- Vanguard Groupchange of filing entity → Vanguard Capital Management13G · amendmentfiling ↗Event: Mar 13, 2026 · filed: Mar 27, 2026
- BlackRock7.2%13G · amendmentfiling ↗Event: Jun 30, 2025 · filed: Jul 17, 2025
Above 5% over time (13D/13G)
Each holder with its filings in order. History since December 2024.
Flagged material events (8-K)
Change in directors or officers (Item 5.02)
«Progressive Reports May Results»
Change in directors or officers (Item 5.02)
Change in directors or officers (Item 5.02)
«Progressive Reports December Results»
Alert items the company itself flagged in its 8-K filings with the SEC, most serious first. It is the form's label, with no interpretation from us: Item 5.02 covers routine appointments as well as a chief executive's departure; open the filing. The quoted headline is the original press release's.
All material events (8-K)
Earnings, agreements, financing, management changes and announcements from the last year, with a filter by type and a link to each filing.
Other Financials stocks in managers' portfolios
Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.
- Wells FargoWFC · 48 managers
- Capital One FinancialCOF · 38 managers
- Nu HoldingsNU · 51 managers
- AonAON · 34 managers
- Berkshire HathawayBRK/A · 55 managers
- CitigroupC · 33 managers