The Progressive Corporation
CH ˙ SWX ˙ US7433151039
SecurityCH:PGR / The Progressive Corporation
InstitutionMorgan Stanley
Latest Disclosed Ownership8,848,177 shares
Latest Disclosed Value $ 1,754,063,127
Morgan Stanley reports 6.75% decrease in ownership of PGR / The Progressive Corporation

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 8,848,177 shares of The Progressive Corporation (CH:PGR) valued at $1,754,063,127 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 9,488,160 shares of The Progressive Corporation. This represents a change in shares of -6.75% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F PROGRESSIVE COM 743315103 8,848,177 -639,983 -6.75 1,754,063 -18.82 0.1057
2026-05-27 2025-12-31 13F/A-1 PROGRESSIVE COM 743315103 9,488,160 -845,167 -8.18 2,160,644 -15.33 0.1290
2026-02-13 2025-12-31 13F PROGRESSIVE COM 743315103 9,488,160 -845,167 2,160,644 0.1290
2026-05-27 2025-09-30 13F/A-1 PROGRESSIVE COM 743315103 10,333,327 -1,006,518 -8.88 2,551,816 -15.67 0.1545
2025-11-14 2025-09-30 13F PROGRESSIVE COM 743315103 10,333,327 -1,006,518 2,551,816 0.1545
2025-08-15 2025-06-30 13F PROGRESSIVE COM 743315103 11,339,845 292,477 2.65 3,026,152 -3.21 0.1971
2025-05-15 2025-03-31 13F PROGRESSIVE COM 743315103 11,047,368 2,051,148 22.80 3,126,516 45.04 0.2235
2025-05-15 2024-12-31 13F/A-1 PROGRESSIVE COM 743315103 8,996,220 -63,306 -0.70 2,155,585 -6.24 0.1510
2025-02-14 2024-12-31 13F PROGRESSIVE COM 743315103 8,996,220 -63,306 2,155,585 0.1510
2025-05-14 2024-09-30 13F/A-2 PROGRESSIVE COM 743315103 9,059,526 512,598 6.00 2,298,946 29.50 0.1667
2025-02-14 2024-09-30 13F/A-1 PROGRESSIVE COM 743315103 9,059,526 512,598 2,298,946 0.1667
2024-11-14 2024-09-30 13F PROGRESSIVE COM 743315103 9,059,526 512,598 2,298,946 0.0198
2025-05-14 2024-06-30 13F/A-2 PROGRESSIVE COM 743315103 8,546,928 312,689 3.80 1,775,283 4.24 0.1374
2024-10-17 2024-06-30 13F/A-1 PROGRESSIVE COM 743315103 8,546,928 312,689 1,775,283 0.1374
2024-08-14 2024-06-30 13F PROGRESSIVE COM 743315103 8,546,928 312,689 1,775,283 0.1374
2024-10-17 2024-03-31 13F/A-2 PROGRESSIVE COM 743315103 8,234,239 652,949 8.61 1,703,006 41.03 0.1366
2024-08-16 2024-03-31 13F/A-1 PROGRESSIVE COM 743315103 8,234,239 652,949 1,703,006 0.1367
2024-05-15 2024-03-31 13F PROGRESSIVE COM 743315103 8,234,239 652,949 1,703,006 0.1367
2024-08-16 2023-12-31 13F/A-1 PROGRESSIVE COM 743315103 7,581,290 1,426,353 23.17 1,207,548 40.84 0.1064
2024-02-13 2023-12-31 13F PROGRESSIVE COM 743315103 7,581,290 1,426,353 1,207,548 0.1064
2023-11-15 2023-09-30 13F PROGRESSIVE COM 743315103 6,154,937 -445,640 -6.75 857,383 -1.87 0.0872
2023-08-14 2023-06-30 13F PROGRESSIVE COM 743315103 6,600,577 127,214 1.97 873,719 -5.65 0.0861
2023-05-15 2023-03-31 13F PROGRESSIVE COM 743315103 6,473,363 -247,982 -3.69 926,080 6.22 0.0993
2023-02-14 2022-12-31 13F PROGRESSIVE COM 743315103 6,721,345 1,361,665 25.41 871,826 39.97 0.0990
2022-11-14 2022-09-30 13F PROGRESSIVE COM 743315103 5,359,680 344,568 6.87 622,847 6.82 0.0849
2022-10-27 2022-06-30 13F/A-1 PROGRESSIVE COM 743315103 5,015,112 2,526,262 101.50 583,107 105.53 0.0757
2022-08-15 2022-06-30 13F PROGRESSIVE COM 743315103 5,015,112 2,526,262 583,107 0.0757
2022-10-27 2022-03-31 13F/A-1 PROGRESSIVE COM 743315103 2,488,850 276,654 12.51 283,703 24.93 0.0383
2022-05-13 2022-03-31 13F PROGRESSIVE COM 743315103 2,488,850 276,654 283,703 0.0383
2022-02-14 2021-12-31 13F PROGRESSIVE COM 743315103 2,212,196 211,658 10.58 227,081 25.58 0.0280
2021-11-15 2021-09-30 13F PROGRESSIVE COM 743315103 2,000,538 -197,238 -8.97 180,828 -16.22 0.0244
2021-08-23 2021-06-30 13F/A-1 PROGRESSIVE COM 743315103 2,197,776 275,137 14.31 215,842 17.42 0.0285
2021-08-16 2021-06-30 13F PROGRESSIVE COM 743315103 2,197,776 275,137 215,842 0.0059
2021-05-17 2021-03-31 13F PROGRESSIVE COM 743315103 1,922,639 113,289 6.26 183,823 2.75 0.0270
2021-02-16 2020-12-31 13F PROGRESSIVE COM 743315103 1,809,350 -1,319,414 -42.17 178,909 -39.60 0.0276
2020-11-13 2020-09-30 13F PROGRESSIVE COM 743315103 3,128,764 668,126 27.15 296,200 50.26 0.0573
2020-08-14 2020-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 2,460,638 568,674 30.06 197,122 41.10 0.0436
2020-05-26 2020-03-31 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 1,891,964 -1,003,975 -34.67 139,702 -33.36 0.0380
2020-05-15 2020-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 1,891,964 -1,003,975 139,702 10,732.0259
2020-02-14 2019-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 2,895,939 121,948 4.40 209,638 -2.17 0.0488
2019-11-14 2019-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 2,773,991 378,689 15.81 214,291 11.93 0.0567
2019-08-14 2019-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 2,395,302 18,586 0.78 191,457 11.74 0.0510
2019-05-15 2019-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 2,376,716 618,420 35.17 171,339 61.52 0.0485
2019-02-14 2018-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 1,758,296 418,900 31.28 106,078 11.48 0.0317
2019-04-23 2018-09-30 13F/A-2 PROGRESSIVE CORP OHIO COM 743315103 1,339,396 464,951 53.17 95,152 83.96 0.0238
2018-11-20 2018-09-30 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 1,339,396 0 95,152 0.0238
2018-11-14 2018-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 1,339,396 464,951 95,152
2019-04-23 2018-06-30 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 874,445 188,567 27.49 51,725 23.77 0.0140
2018-08-14 2018-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 874,445 188,567 51,725
2019-04-23 2018-03-31 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 685,878 -522,889 -43.26 41,791 -38.61 0.0116
2018-05-14 2018-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 685,878 -522,889 41,791
2019-04-23 2017-12-31 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 1,208,767 240,688 24.86 68,080 45.23 0.0186
2018-02-14 2017-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 1,208,767 240,688 68,080
2017-11-14 2017-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 968,079 -460,635 -32.24 46,876 -25.58 0.0140
2017-08-11 2017-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 1,428,714 90,015 6.72 62,991 20.10 0.0190
2017-05-22 2017-03-31 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 1,338,699 628,166 88.41 52,450 107.94 0.0161
2017-05-12 2017-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 1,338,699 52,450
2017-02-22 2016-12-31 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 710,533 115,416 19.39 25,224 34.57 0.0083
2017-02-13 2016-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 710,533 25,224
2016-11-10 2016-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 595,117 -141,738 -19.24 18,744 -24.07 0.0064
2016-08-12 2016-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 736,855 499,556 210.52 24,685 196.05 0.0089
2016-05-12 2016-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 237,299 -1,854,988 -88.66 8,338 -87.47 0.0032
2016-02-09 2015-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 2,092,287 -55,984 -2.61 66,535 1.09 0.0241
2016-02-08 2015-09-30 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 2,148,271 9,110 0.43 65,820 10.56 0.0243
2015-11-09 2015-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 2,148,271 65,820
2015-08-12 2015-06-30 13F PROGRESSIVE CORP OHIO COM 743315103 2,139,161 -9,015,669 -80.82 59,534 -80.38 0.0206
2015-05-14 2015-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 11,154,830 -1,305,369 -10.48 303,411 -9.78 0.1117
2015-02-13 2014-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 12,460,199 -11,639,194 -48.30 336,302 -44.80 0.1230
2014-12-16 2014-09-30 13F/A-1 PROGRESSIVE CORP OHIO COM 743315103 24,099,393 -1,365,799 -5.36 609,233 -1.22 0.2343
2014-11-14 2014-09-30 13F PROGRESSIVE CORP OHIO COM 743315103 24,099,393 609,233
2014-05-13 2014-03-31 13F PROGRESSIVE CORP OHIO COM 743315103 25,465,192 -643,787 -2.47 616,766 -13.37 0.2583
2014-02-13 2013-12-31 13F PROGRESSIVE CORP OHIO COM 743315103 26,108,979 -74,759 -0.29 711,992 -0.14 0.3029
2013-11-13 2013-09-30 13F PROGRESSIVE CORP OH COM ST COM 743315103 26,183,738 1,545,921 6.27 712,983 13.84 0.3370
2013-08-08 2013-06-30 13F PROGRESSIVE CORP OH COM ST COM 743315103 24,637,817 24,637,817 626,293 0.3159
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.