NEW YORK, Sept. 1, 2016 /PRNewswire/ -- The Board of Directors of Verizon Communications Inc. (NYSE, Nasdaq: VZ) today declared a quarterly dividend of 57.75 cents per outstanding share, an increase of 1.25 cents per share, or 2.2 percent, from the previous quarter.
On an annual basis, this increases Verizon's dividend by 5 cents per share from $2.26 to $2.31 per share.
The quarterly dividend is payable on Nov. 1, 2016, to Verizon shareowners of record at the close of business on Oct. 7, 2016.
This is the 10th consecutive year Verizon's Board has approved a quarterly dividend increase.
Verizon Chairman and CEO Lowell McAdam said, "Verizon's dividend policy reflects the company's continued commitment to create sustainable shareholder value."
Verizon has approximately 4.1 billion shares of common stock outstanding. The company made $4.6 billion in cash dividend payments in the first half of 2016.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, has a diverse workforce of nearly 162,700 and generated nearly $132 billion in 2015 revenues. Verizon operates America's most reliable wireless network, with 113.2 million retail connections nationwide. The company also provides communications and entertainment services over mobile broadband and the nation's premiere all-fiber network, and delivers integrated business solutions to customers worldwide.
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