Institutional holdingsInstitutions held about 900mm shares (60% of the outstanding shares) of SU at the end of the first quarter.
Over a 9 month period starting in July 2020, Enbridge traded 1 billion shares via end of day pre-arranged trades, which represented 50 of Enbridge's float. During the same period, the percentage of institutional holdings dropped by about 8% from 58% to 50%.
Institutional holdings of SU dropped by 50mm shares in the first quarter representing a little over 3% of the float. Will the percentage of institutional holdings drop at a faster rate for SU because the company is buying back and cancelling shares?