Form 4: Con Edison Executive Boosts Stake with RSU Conversion

Consolidated Edison's President of Shared Services, Robert Sanchez, increased his direct beneficial ownership through RSU conversion and plan acquisitions.

Summary

• Robert Sanchez, President, Shared Services, CECONY, reported changes in his beneficial ownership of Consolidated Edison, Inc. common stock.
• He acquired 3,600 shares of common stock on December 31, 2025, through the conversion of time-based restricted stock units (RSUs) on a one-for-one basis.
• Concurrently, 85 shares were disposed of on December 31, 2025, at a price of $99.89 per share, likely for tax withholding purposes related to the RSU vesting.
• His direct beneficial ownership of common stock following these transactions is 21,648.218 shares.
• An adjustment was made to previously reported holdings, reducing the total by 778.54 shares due to an inadvertent accrual of deferred stock units (DSUs) for dividends that were elected to be received in cash from March 2021 to December 2024.
• The reported holdings include 370.130 shares acquired under the Company's Stock Purchase Plan for periods from February 2025 to November 2025.
• Additional DSUs were acquired through the Long Term Incentive Plan's dividend reinvestment provision: 39.86 DSUs on March 15, 2025, 40.42 DSUs on June 15, 2025, 43.43 DSUs on September 15, 2025, and 43.826 DSUs on December 15, 2025.
• Indirect beneficial ownership through the Thrift Plan decreased by 0.182 shares between January 31, 2025, and December 31, 2025, totaling 505.25 shares.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. The conversion of RSUs and acquisitions through company plans increase the executive's ownership, aligning interests with shareholders. The disposition for tax withholding is routine, and the correction of an accounting error, while reducing previously reported shares, is a neutral event that clarifies holdings rather than indicating a new negative development.

Positives

• Robert Sanchez acquired 3,600 shares of common stock from the conversion of time-based restricted stock units, increasing his direct ownership.
• Additional shares (370.130) were acquired through the Company's Stock Purchase Plan, demonstrating continued investment.
• DSUs were acquired through dividend reinvestment (totaling 167.516 DSUs), indicating a commitment to increasing equity holdings.

Negatives

• 85 shares of common stock were disposed of at $99.89 per share, likely for tax obligations, reducing the net increase from RSU conversion.
• A correction was made for an inadvertent accrual of 778.54 deferred stock units, which were incorrectly reported as reinvested dividends when cash was elected, leading to a reduction in previously reported holdings.

Future Outlook

NA

Industry Context

This filing represents a routine insider transaction for an executive at a utility company. Such transactions, particularly those involving RSU vesting and tax-related dispositions, are common in the compensation structures of publicly traded companies in the utility sector and beyond. They generally reflect the execution of pre-established compensation plans rather than discretionary trading based on new strategic insights.

Stakeholder Impact

• Shareholders: The executive's increased direct ownership through RSU conversion and plan acquisitions aligns management's interests with shareholders, potentially signaling confidence in the company's future.
• Employees: The filing reflects standard executive compensation practices, which can influence broader employee compensation strategies and perceptions of equity incentives.

Key Dates

Keywords

Consolidated Edison, ED, Insider Transaction, Form 4, Restricted Stock Units, RSU Conversion, Beneficial Ownership, Stock Purchase Plan, Deferred Stock Units, Dividend Reinvestment