The Progressive Corporation (NYSE: PGR) is one of the largest auto insurers in the United States, widely known as Progressive for its scale, pricing sophistication, and underwriting discipline. Shares recently traded around $227 per share, giving the company a market value of roughly $133 billion.
Looking at who owns Progressive and how insiders and hedge funds have been positioning helps clarify how large investors are approaching the stock at current levels.
Who Are Progressive’s Top Shareholders?
Progressive’s shareholder base is led by large institutional investors that tend to hold through market cycles. This structure often supports ownership stability even as active managers make incremental adjustments.
- The Vanguard Group: 54,397,098 shares (9.28%), ~$12.36B value. Added 145,046 shares (+0.27%).
- BlackRock Institutional Trust Company: 29,843,622 shares (5.09%), ~$6.78B value. Added 238,710 shares (+0.81%).
- State Street Investment Management: 25,808,762 shares (4.40%), ~$5.86B value. Added 78,374 shares (+0.30%).
- Geode Capital Management: 15,659,808 shares (2.67%), ~$3.56B value. Added 146,620 shares (+0.95%).
- Capital International Investors: 13,704,197 shares (2.34%), ~$3.11B value. Added 6,045,732 shares (+78.94%).
- MFS Investment Management: 12,632,275 shares (2.15%), ~$2.87B value. Cut 175,260 shares (-1.37%).
- J.P. Morgan Asset Management: 12,120,958 shares (2.07%), ~$2.75B value. Added 2,091,840 shares (+20.86%).
- Fidelity Management & Research: 11,761,508 shares (2.01%), ~$2.67B value. Cut 2,317,199 shares (-16.46%).
- Capital Research Global Investors: 11,167,940 shares (1.91%), ~$2.54B value. Added 2,314,864 shares (+26.15%).
- AllianceBernstein: 10,792,408 shares (1.84%), ~$2.45B value. Cut 180,166 shares (-1.64%).
For investors, this ownership mix suggests Progressive remains supported by long-term institutional capital, while active managers appear selective and valuation-aware rather than making broad directional shifts.
Hedge Fund Highlights
One notable move last quarter came from Two Sigma Advisors, co-founded by John Overdeck, which increased its Progressive position by nearly 1,000%. The firm now holds roughly $375 million value of the stock, which may point to growing interest in Progressive’s data-driven underwriting and pricing capabilities.
Temasek Holdings also meaningfully increased its exposure, lifting its stake by about 119% to roughly $237 million value. Given Temasek’s long-term investment approach, the increase could reflect confidence in Progressive’s ability to compound earnings across insurance cycles.
At the smaller end, Baupost Group, founded by Seth Klarman, appeared to add to its Progressive position in a measured way. The position size remains modest, suggesting selective exposure rather than a high-conviction shift.
Meanwhile, Grantham Mayo Van Otterloo, co-founded by Jeremy Grantham, posted a sharp percentage increase from a smaller base. While the dollar value remains limited, the move may signal a reassessment of Progressive’s resilience within the insurance sector for investors tracking hedge fund sentiment.
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Progressive’s Recent Insider Trades
Insider transactions at Progressive over the past quarter have been relatively small and spread across several executives and directors.
- Steven Broz (Officer): Sold 1,344 shares for ~$303,000.
- Steven Broz (Officer): Sold 1,345 shares for ~$307,000.
- Steven Broz (Officer): Sold 1,345 shares for ~$296,000.
- John Peter Sauerland (Officer): Sold 5,000 shares for ~$1.14M.
- Jonathan S. Bauer (Officer): Sold 450 shares for ~$103,000.
- Multiple directors: Purchased 2 to 60 shares each for <$15,000 per transaction.
Several filings also show zero-share entries that appear administrative, though that is not confirmed. For investors, the size and pattern of these trades suggest insider activity has been cautious without materially altering overall ownership exposure.
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What the Ownership & Insider Trade Data Tell Us
Progressive’s shareholder base remains anchored by large, long-term institutions, providing a steady foundation. Hedge fund positioning shows selective additions rather than broad consensus, while insider activity appears modest and measured.
For investors, the data points to continued institutional confidence in Progressive’s long-term earnings power, alongside disciplined positioning from insiders and active managers at current valuation levels.
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