Top 5 Losers Today

4. First Republic Bank (NYSE:FRC)

Number of Hedge Fund Holders: 40

Shares of First Republic Bank (NYSE:FRC) fell over three percent this morning after the San Francisco-based wealth management company decided to sell 2 million shares of its common stock through an underwritten public offering.

First Republic Bank (NYSE:FRC) also gave underwriters a 30-day option to acquire an additional 0.3 million shares. The company has selected JPMorgan, BofA Securities and Goldman Sachs as bookrunners for the offering. First Republic Bank (NYSE:FRC) plans to use the sale proceeds for general corporate purposes, such as funding loans and buying investment securities.