New York-based hedge fund manager Basswood Capital Management LLC maintained its exposure to the three Big Four U.S. banks in the second quarter, according to the firm's latest Form 13F.

JPMorgan Chase & Co. remained Basswood's largest stake as of June 30 at $82.0 million. The hedge fund manager maintained its position in Bank of America Corp. and upped its position in Citigroup Inc. by 26.4% in the quarter. However, Basswood did sell 8.5% of its shares in Wells Fargo & Co., its fourth-largest holding at $61.2 million as of June 30.

Basswood also initiated 12 new financial institution positions worth a total of $47.2 million as of June 30. The investment manager's largest entry was an $8.4 million stake in Moline, Ill.-based QCR Holdings Inc., followed by a $7.5 million position in Goldman Sachs Group Inc.

Basswood completely sold out of 11 financial institution positions that were worth $67.1 million at March 31. The fund's largest exit was a $19.0 million position in Gulfport, Miss.-based Hancock Whitney Corp., which was the firm's 15th-largest financial institution position at the end of March. In addition, four positions — First Data Corp., Fidelity Southern Corp., BSB Bancorp Inc. and National Commerce Corp. — were exited due to completed M&A deals.
The firm's financial stock portfolio rose by just $11.3 million in the second quarter to $1.31 billion at the end of June.

Click here to see Basswood's financial stock investments as of June 30.
