Bank of America 13F: Cuts ADP Stake by $136M

Bank of America Trims ADP Holdings

Bank of America scaled back its exposure to Automatic Data Processing, Inc. (NasdaqGS: ADP) during the reporting period, according to a Form 13F filing with the Securities and Exchange Commission. The major financial institution cut its stake by 607,868 shares, marking a 10.36% decrease from its previous holding of 5,866,710 shares. At the close of the period, the bank's remaining position consisted of 5,258,842 shares with a reported value of $1,178,506,492.20. Because 13F filings look backward, this snapshot captures portfolio choices as of May 18, 2026, and may not reflect the bank's current share count today.

Stock Performance and Recent Trading

Shares of Automatic Data Processing have seen varied movement since the period covered by the filing, recently trading around the $224.10 mark on Friday. The equity has traversed a wide 52-week range between a low of $188.16 and a high of $294.35. Institutional moves like this one often occur as large banks rebalance portfolios following broader market shifts. This filing follows earlier portfolio adjustments from other institutional managers tracking the payroll and human resources giant.

Wall Street Analyst Coverage

Several research firms have updated their outlooks on the software provider through the summer. On August 5, 2026, Cantor Fitzgerald reiterated its overweight rating and set a price target of $310.00, following an earlier adjustment to $310.00 on August 3. Citigroup maintained a neutral stance on July 30, 2026, alongside a $287.00 price target. On the same day, Morgan Stanley kept an equal-weight rating with a $286.00 target, Stifel maintained a hold rating with a $285.00 target, and Wells Fargo kept an equal-weight rating at $283.00. Guggenheim held a buy rating with a $300.00 target, while UBS maintained a neutral rating with a $270.00 target.

Inside the Payroll Software Leader

Automatic Data Processing, Inc. operates from its headquarters in Roseland, New Jersey, providing cloud-based human capital management solutions to clients worldwide. Led by CEO Maria Black, the firm serves businesses of all sizes through tools handling payroll, talent management, and compliance services. Its offerings span both employer services and professional employer organization solutions designed to streamline complex human resources tasks for roughly 67,000 employees and countless corporate clients.

What's Ahead for ADP

Investors monitoring institutional activity in Automatic Data Processing will find fresh financial insights when the company delivers its next round of earnings on October 28, 2026. Subsequent SEC disclosures will clarify whether major financial institutions like Bank of America continue trimming their exposure or choose to rebuild positions in the technology sector.