Wednesday, September 4th the Board of Verizon Communications Inc. (VZ) announced a quarterly dividend increase of from $ 0.665 to $0.6775 per share that’s payable November 1, 2024 to holders of record October 10, 2024. This represents a 1.88% increase over the last quarterly dividend.
This is the 18th consecutive year Verizon’s Board has approved a quarterly dividend increase.
“Our strong focus on three key pillars – wireless service revenue growth, adjusted EBITDA expansion, and free cash flow generation – has once again put the Board in a position to raise the dividend," said Chairman and CEO Hans Vestberg. "This unwavering commitment to our strategic priorities, combined with our consistently disciplined financial management and our dedication to serving our customers with the best in mobility and broadband, continue to position us well for future growth."
With current price $41.31 (today's open), this raise brings their dividend yield to 6.56%.
Verizon is a Dividend Contenders with a 18 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 1.92, 1.9, 2.0 and 2.4 (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 fourth dividend increase I've received from Verizon since initiating a position in June 2021.
This increase raises my Yield on Cost to 5.94%.
Summary of 2024 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long VZ
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