The Board of Directors of Verizon Communications Inc. (NYSE, NASDAQ:VZ) today declared a quarterly dividend of 50 cents per outstanding share, an increase of 1.25 cents per share, or 2.6 percent, from the previous quarter. On an annual basis, this increases Verizon's dividend 5 cents per share, from $1.95 to $2.00 per share.
The quarterly dividend is payable on Nov. 1, 2011, to Verizon Communications shareowners of record at the close of business on Oct. 7, 2011.
"Verizon's hallmark continues to be a business strategy that drives strong cash flow while continuing to invest in long-term growth," said Francis J. Shammo, Verizon executive vice president and chief financial officer. "This dividend increase once again shows the resolve of Verizon's board to return value to our shareholders."
This is the fifth consecutive year that Verizon's Board of Directors has approved a quarterly dividend increase.
Verizon has approximately 2.7 million shareowners and approximately 2.8 billion shares of common stock outstanding. The company made $2.8 billion in dividend payments through the first half of 2011.
Verizon Communications Inc. (NYSE, NASDAQ:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, with more than 106 million total connections nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries, including all of the Fortune 500. A Dow 30 company, Verizon employs a diverse workforce of nearly 196,000 and last year generated consolidated revenues of $106.6 billion. For more information, visit www.verizon.com.