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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