NEW YORK - The Board of Directors of Verizon Communications Inc. (NYSE, Nasdaq: VZ) today declared a quarterly dividend of 57.75 cents per outstanding share, unchanged from the previous quarter. The dividend is payable on May 1, 2017, to Verizon shareowners of record at the close of business on April 10, 2017.
Verizon has approximately 4.1 billion shares of common stock outstanding. The company made $9.3 billion in cash dividend payments in 2016.
Also today, Verizon's Board authorized the corporation to repurchase up to 100 million shares of its common stock. Verizon's previous program, which expired on Feb. 28, 2017, also had authorized the repurchase of 100 million shares. Under the prior authorization, 2.8 million shares were repurchased. The new program will terminate when the aggregate number of shares purchased reaches 100 million, or at the close of business on Feb. 28, 2020, whichever is sooner.