Bank of America 13F: Cuts ADP Stake by $135M

Bank of America Trims ADP Holdings

Bank of America has reduced its stake in Automatic Data Processing, Inc. (ADP) by 607,868 shares, reflecting a 10.4% decrease. The latest Form 13F filing shows the bank now holds about 5.26 million shares valued at approximately $1.17 billion as of May 18, 2026.

Position Change Details

This reduction in Bank of America's position in ADP is part of a broader trend among institutional investors. The bank previously held 5.87 million shares before this cut. With a cost basis of $123.83 per share, the current market value of its stake, based on the latest trading price of $222.46, indicates significant growth since their initial investment.

Institutional Trends in ADP

Bank of America's decision comes as other institutional investors also adjust their stakes in ADP. For instance, just days before, California State Teachers Retirement System trimmed its holdings by more than 15,000 shares, while Amundi increased its position by nearly 659,000 shares, a 27.7% increase. These movements suggest a mixed sentiment among large investors regarding ADP's stock performance.

Stock Performance Context

ADP shares are currently trading at $222.46, which is well below its 52-week high of $294.35. This price point may attract attention from value investors, especially considering the stock's recent trading patterns. The reduced stake by Bank of America comes as the stock has faced fluctuations, trading significantly lower than its previous highs.

Analysts Set New Price Targets

On August 5, 2026, Cantor Fitzgerald reiterated an Overweight rating on ADP with a price target of $310. Other firms like Citigroup and Morgan Stanley have maintained their ratings, with price targets ranging from $270 to $287. The consensus from 15 analysts suggests a hold recommendation with a mean price target of $287.60, indicating cautious optimism about the stock's future performance.

What Automatic Data Processing, Inc. Does

Automatic Data Processing, Inc. provides cloud-based human capital management solutions worldwide, operating primarily in employer services and professional employer organization sectors. The company's offerings include payroll and HR solutions that cater to small, mid-sized, and large businesses.

What's Ahead for Automatic Data Processing, Inc.

Investors will be watching closely for ADP's next earnings report, scheduled for October 28, 2026. The current 13F filings reflect holdings as of May 18, 2026, and may not represent current positions. Future filings will provide further insights into how institutional investors are positioning themselves in this evolving market landscape.