NEW YORK -- The Board of Directors of Verizon Communications Inc. (NYSE, Nasdaq: VZ) today declared a quarterly dividend of 53 cents per outstanding share, an increase of 1.5 cents per share, or 2.9 percent, from the previous quarter. On an annual basis, this increases Verizon's dividend by 6 cents per share, from $2.06 to $2.12 per share.

The quarterly dividend is payable on Nov. 1, 2013, to Verizon Communications shareowners of record at the close of business on Oct. 10, 2013.

This is the seventh consecutive year that Verizon’s Board of Directors has approved a quarterly dividend increase.

Verizon has approximately 2.7 million shareowners and approximately 2.9 billion shares of common stock outstanding. The company made $2.9 billion in dividend payments through the first half of 2013.