NEW YORK -- The Board of Directors of Verizon Communications Inc. (NYSE, Nasdaq: VZ) today declared a quarterly dividend of 51.5 cents per outstanding share, an increase of 1.5 cents per share, or 3.0 percent, from the previous quarter. On an annual basis, this increases Verizon's dividend 6 cents per share, from $2.00 to $2.06 per share.

The quarterly dividend is payable on Nov. 1, 2012, to Verizon Communications shareowners of record at the close of business on Oct. 10, 2012.

This is the sixth consecutive year that Verizon’s Board of Directors has approved a quarterly dividend increase. Increases were 2.6 percent in each of the past two years.

“Today’s action by Verizon’s board marks another milestone in Verizon’s ongoing commitment to generate sustained value for our shareholders,” said Francis J. Shammo, Verizon executive vice president and chief financial officer. “We are confident in Verizon’s strong operating performance and cash flow generation, providing the board the flexibility to increase our dividend while we continue to invest in long-term growth.”

Verizon has approximately 2.7 million shareowners and approximately 2.9 billion shares of common stock outstanding. The company made $2.6 billion in dividend payments through the first half of 2012.