Dividend Increase - Verizon Communications Inc. (VZ)

 

Thursday, September 7th the Board of Verizon Communications Inc. (VZ) announced a quarterly dividend increase of from $ 0.6525 to $0.665 per share that’s payable November 1, 2023 to holders of record October 10, 2023. This represents a 1.92% increase over the last quarterly dividend.

This is the 17th consecutive year Verizon’s Board has approved a quarterly dividend increase.

“Our consistently disciplined approach to driving strong cash flow, operating the business, and serving our customers has once again put the Board in a position to raise the dividend,” said Chairman and CEO Hans Vestberg. “We continue to deliver value to our shareholders as we execute our network-as-a-service strategy.”

With current price $33.81 (yesterday's close), this raise brings their dividend yield to 7.87%.

Verizon is a Dividend Contenders with a 17 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 2.0, 2.0, 2.1 and 2.5 (Dividend Champions.xls)

Since I own 250 shares of VZ, this will increase my portfolio's projected annual net dividend income by $9.31.

This increase was in line with my expectations.

This is the third dividend increase I've received from Verizon since initiating a position in June 2021.

This increase raises my YOC to 5.38%.

Summary of 2023 Dividend Increases / Cuts

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You can follow the development of my dividends here.

Full Disclosure: Long VZ

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