Should You Now Exit Your Position in PROG Holdings (PRG)?

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -4.67% net of fees compared to a -3.44% return for the Russell Midcap Index. Portfolio holdings in technology, industrials, and consumer discretionary sectors hindered the strategy’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital discussed stocks like PROG Holdings, Inc. (NYSE:PRG) in the Q3 2022 investor letter. Based in Draper, Utah, PROG Holdings, Inc. (NYSE:PRG) is a lease-purchase solutions provider and operates through Progressive Leasing and Vive segments. On October 25, 2022, PROG Holdings, Inc. (NYSE:PRG) stock closed at $14.20 per share. One-month return of PROG Holdings, Inc. (NYSE:PRG) was -15.58% and its shares lost 66.56% of their value over the last 52 weeks. PROG Holdings, Inc. (NYSE:PRG) has a market capitalization of $716.661 million.

Diamond Hill Capital made the following comment about PROG Holdings, Inc. (NYSE:PRG) in its Q3 2022 investor letter:

“We exited rent-to-own company PROG Holdings, Inc. (NYSE:PRG) in favor of higher conviction names elsewhere. The rent-to-own industry remains challenged at its core — subprime customers face pressure from inflation, and there has not been any notable trading down from higher income customers because of tighter credit conditions.”

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PROG Holdings, Inc. (NYSE:PRG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held PROG Holdings, Inc. (NYSE:PRG) at the end of the second quarter which was 21 in the previous quarter.

We discussed PROG Holdings, Inc. (NYSE:PRG) in another article and shared Diamond Hill Capital’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 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.