PROG Holdings (PRG) Benefited from Economic Optimism

ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Value Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2000 value Index in the second quarter. On an absolute basis, the strategy gained all 11 sectors it invested in during the quarter. IT and industrial sectors were the leading contributors while the utility sector detracted. Overall stock selection improved performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Small Cap Value Strategy highlighted stocks like PROG Holdings, Inc. (NYSE:PRG) in the second quarter 2023 investor letter. Based in Draper, Utah, PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company. On September 20, 2023, PROG Holdings, Inc. (NYSE:PRG) stock closed at $32.23 per share. One-month return of PROG Holdings, Inc. (NYSE:PRG) was -6.20%, and its shares gained 73.93% of their value over the last 52 weeks. PROG Holdings, Inc. (NYSE:PRG) has a market capitalization of $1.473 billion.

ClearBridge Small Cap Value Strategy made the following comment about PROG Holdings, Inc. (NYSE:PRG) in its Q2 2023 investor letter:

“However, our top performers in the financials sector proved to be consumer-facing credit lenders, PROG Holdings, Inc. (NYSE:PRG) and Oportun Financial, which benefited as economic resiliency bolstered optimism for greater demand from customers. PROG serves as a lease-purchase solutions provider to underserved and credit challenged customers. It saw its stock price rebound after solid first-quarter earnings showed a normalization in prepayments and improved delinquency metrics.”

A close-up of a credit card being swiped on a payment terminal, reflecting the company’s payments technology. Editorial photo for a financial news article. 8k. –ar 16:9

PROG Holdings, Inc. (NYSE:PRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held PROG Holdings, Inc. (NYSE:PRG) at the end of second quarter which was 14 in the previous quarter.

We discussed PROG Holdings, Inc. (NYSE:PRG) in another article and shared Vulcan Value Partners’ views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.