New York-based investment manager Basswood Capital Management LLC exited 15 banking positions worth $57.9 million during the first quarter, according to the firm's latest Form 13F.

The firm's largest exit was an $8.0 million position in New York-based CIT Group Inc., while another two positions, Denver-based Guaranty Bancorp and Weston, Fla.-based FCB Financial Holdings Inc., were exited due to completed M&A.

In addition, Basswood sold 74.2% of its stake in Detroit-based Ally Financial Inc., formerly its largest position at year-end 2018, dropping the bank to the No. 12 spot and making JPMorgan Chase & Co. its new No. 1 holding at $74.2 million. Basswood's total financial stock portfolio dropped to $1.30 billion as of March 31, down from $1.53 billion a quarter earlier.

Despite these sales, the hedge fund manager was not completely bearish on bank stocks during the quarter. Basswood more than tripled its exposure to Capital One Financial Corp., making the bank its 7th-largest position as of March 31. Basswood also initiated nine new financial stock investments worth a combined $27.7 million at the end of March. The firm's largest entry was an $7.4 million stake in Rockaway, N.J.-based SB One Bancorp.

Did you enjoy this analysis? Click here to set up real-time alerts for data-driven articles. Click here for a template containing Basswood's financial institution holdings as of March 31, 2019. Click here to view Basswood's current common stock holdings. Company filings including the Form 13F can be found through the filings archive tab on a company's briefing book page.