Verizon Communications Inc. (NYSE, Nasdaq: VZ) has reaffirmed its commitment to delivering value to shareholders with the announcement of a 1.9% dividend hike on September 7, 2023. The Board of Directors declared a quarterly dividend of 66.50 cents per outstanding share, marking a 1.25 cents per share increase from the previous quarter. In 2022 Verizon hiked the dividend by 2.0%.
This decision demonstrates Verizon's steadfast dedication to its shareholders and reflects the company's solid financial performance and sustainable business model. The quarterly dividend is set to be payable on November 1, 2023, to Verizon shareholders of record at the close of business on October 10, 2023.
A Tradition of Consistent Dividend Growth
Verizon's Board of Directors has once again demonstrated its commitment to returning value to shareholders by approving the 17th consecutive year of quarterly dividend increases. This long-standing tradition underscores Verizon's position as a reliable investment option and a testament to its strong financial position.
A Disciplined Approach to Business
Hans Vestberg, Chairman and CEO of Verizon, emphasized the company's disciplined approach to managing its operations and delivering consistent results. He stated, "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."
Vestberg further highlighted Verizon's commitment to providing value through its "network-as-a-service" strategy, indicating the company's ongoing efforts to adapt to the evolving telecommunications landscape.
Verizon Communications Inc., through its subsidiaries, provides communications, information and entertainment products and services. The company offers data, video and voice services and solutions on its award winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control. Verizon stock began trading on July 3, 2000. Prior to this date, the stock was trading as Bell Atlantic. The company has been paying a dividend to shareholders every year since at least 1984.