Verizon increases dividend for 18th consecutive year
Rhea-AI Summary
Verizon Communications Inc. (NYSE, Nasdaq: VZ) has increased its quarterly dividend for the 18th consecutive year. The Board of Directors declared a dividend of 67.75 cents per share, up 1.25 cents from the previous quarter. This dividend will be payable on November 1, 2024, to shareholders of record as of October 10, 2024.
CEO Hans Vestberg attributes this increase to Verizon's focus on wireless service revenue growth, adjusted EBITDA expansion, and free cash flow generation. In the first half of 2024, Verizon made nearly $5.6 billion in cash dividend payments. The company, which serves millions of customers worldwide and nearly all Fortune 500 companies, generated revenues of $134.0 billion in 2023.
Positive
- Increased quarterly dividend for 18th consecutive year
- Dividend raised by 1.25 cents to 67.75 cents per share
- $5.6 billion in cash dividend payments made in first half of 2024
- Focus on wireless service revenue growth, adjusted EBITDA expansion, and free cash flow generation
- Generated $134.0 billion in revenues in 2023
Negative
- None.
News Market Reaction
On the day this news was published, VZ declined 0.41%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, Sept. 04, 2024 (GLOBE NEWSWIRE) -- The Board of Directors at Verizon Communications Inc. (NYSE, Nasdaq: VZ) today declared a quarterly dividend of 67.75 cents per outstanding share, an increase of 1.25 cents per share from the previous quarter. The quarterly dividend is payable on November 1, 2024, to Verizon shareholders of record at the close of business on October 10, 2024.
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."
Verizon has approximately 4.2 billion shares of common stock outstanding. The company made nearly
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of
VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.
Media contact:
Eric Wilkens
eric.wilkens@verizon.com
201-572-9317
FAQ
What is Verizon's new quarterly dividend amount for 2024?
When will Verizon (VZ) pay its next dividend?
How many consecutive years has Verizon increased its dividend?
What was Verizon's (VZ) revenue in 2023?
How much did Verizon pay in cash dividends in the first half of 2024?
