Teamwork Financial Sells 85% of Progressive (PGR) Holdings, Worth Almost $15 Million

Teamwork Financial Advisors significantly reduced its stake in The Progressive Corporation (NYSE:PGR). It sold an estimated $14.95 million in shares during the quarter ended September 30, 2025, according its SEC filing.

What happened

According to a filing with the Securities and Exchange Commission dated October 08, 2025, Teamwork Financial Advisors significantly reduced its position in The Progressive Corporation. It sold 55,286 shares, worth about $14.95 million during the quarter.

Teamwork Financial's previous filing, dated 30 June, 2025 also had a call option for 4,700 Progressive shares, worth $1.25 million which was either closed or had expired by the end of the third quarter.

The fund now has 9,737 Progressive shares valued at around $2.40 million. It sold around 85% of its Progressive holdings.

What else to know

This was a sell transaction. According to its Q3 2025 13F filing, Progressive Corp now accounts for just 0.3% of Teamwork Financial Advisors’ reportable U.S. equity AUM.

Top holdings after the filing:

• Apple (NASDAQ:AAPL): $42.79 million (4.7% of AUM).
• Amazon (NASDAQ:AMZN): $38.19 million (4.2% of AUM).
• SPDR Series Trust - SPDR Bloomberg 1-3 Month T-Bill ETF (NYSEMKT:BIL): $35.35 million (3.9% of AUM).
• Nvidia (NASDAQ:NVDA): $32.52 million (3.6% of AUM).
• Microsoft (NASDAQ:MSFT): $29.31 million (3.2% of AUM).

As of October 7, 2025, Progressive shares were priced at $243.89, down 0.66% on the year before. The company underperformed the S&P 500 by 19.3 percentage points year-on-year.

Company Overview

Company Snapshot

The Progressive Corporation is a leading U.S. auto and property insurer with a diversified product suite and a significant national presence. It offers a broad portfolio of insurance products, including personal and commercial auto, residential property, general liability, and specialty lines such as motorcycle and RV insurance.

Headquartered in Mayfield, Ohio, with a workforce of over 66,000 employees, Progressive serves individual consumers, small businesses, and property owners across the United States.

It distributes products through independent agents, direct online channels, and over the phone. The company leverages direct-to-consumer distribution and a strong independent agent network to reach a broad customer base.

Foolish take

On face value, Teamwork Financial Advisors' sale of around 85% of its Progressive holdings seems like a significant move. However, if we dig deeper into the firm's 13F filings, the sale looks more like reverting to its previous position than a dramatic shift.

Teamwork did not own any Progressive shares this time last year. It opened a position in Q4 2024 and built on it in the subsequent two quarters. Its Progressive holdings peaked in Q2 2025, when they accounted for around 2% of its AUM and the company was one of its top 20 holdings.

That said, the sale is still substantial and it is worth noting that the insurance sector has struggled this year. An increase in extreme weather events, such as wildfires and tornadoes, has put pressure on insurers across the board. Car and property insurers have not escaped tariff uncertainty either, as they may push up the cost of various materials needed for repairs.

Progressive is a leader in the insurance industry and has delivered solid revenue growth for many years. It stands out in a competitive market for its ability to attract new customers and incorporate new technology into its business. However, its most recent earnings failed to meet analyst expectations. It may also have to pay out almost $1 billion to policyholders in Florida, due to an excess profit rule in the state. Watch out for Progressive's investor call on November 5 to find out more about the company's situation.

Glossary

Stake: The ownership interest or investment a fund or individual holds in a company.
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a financial institution or fund.
Reportable U.S. equity assets: U.S. stock holdings that an investment manager must disclose in regulatory filings.
Quarter (Q3 2025): The third three-month period of the 2025 calendar year, typically July through September.
Filing: An official document submitted to a regulatory authority, often detailing financial or investment activities.
Top holdings: The largest investments in a fund’s portfolio by value or percentage of total assets.
Market capitalization: The total value of a company’s outstanding shares, calculated as share price times shares outstanding.
Direct-to-consumer distribution: Selling products directly to customers, bypassing intermediaries like agents or brokers.
Independent agent: An insurance agent who sells products from multiple companies rather than being tied to one insurer.
Property and casualty insurance: Insurance covering property loss (like homes or cars) and liability for accidents or injuries.
Specialty lines: Insurance products designed for unique or non-standard risks, such as motorcycles or recreational vehicles.
TTM: The 12-month period ending with the most recent quarterly report.

Emma Newbery has positions in Amazon, Apple, and Nvidia. The Motley Fool has positions in and recommends Amazon, Apple, Microsoft, Nvidia, and Progressive. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.