New York-based Maltese Capital Management LLC shed 32 financial sector positions during the second quarter worth a combined $74.1 million as of March 31, according to the firm's most recent Form 13-F filing.

The hedge fund manager's largest exit was an $8.4 million position in Dallas-based Hilltop Holdings Inc., followed by a $7.5 million stake in Apollo Global Management Inc.

The firm's fifth-largest "exit," CenterState Bank Corp., completed its merger of equals with South State Corp. on June 7. South State became Maltese's 13th-largest entry of the quarter at $1.7 million as of June 30.

Among Maltese's 28 new stakes, its $10.7 million position in Oklahoma City-based BancFirst Corp. was the largest, followed by a $9.6 million position in BrightSphere Investment Group Inc.

The hedge fund manager's overall financial stock holdings increased 6.3% in the second quarter to $684.9 million as of June 30. Morgan Stanley, Maltese's third-largest stake in the first quarter, jumped to the top spot at the end of June at $24.5 million. Citigroup Inc. remained the second-largest holding, but Zions Bancorp. NA dropped to the third-largest stake at $20.7 million as of June 30 after Maltese slashed its share in the Salt Lake City-based bank by 22.8%.

Maltese also more than quadrupled its stake in Ares Management Corp. to 250,000 shares, making the company its 19th-largest financial institution position overall.

Maltese began operating in 1996 and focuses on investments in the financial industry. The firm was known as Sandler O'Neill Asset Management LLC prior to early 2015.