The Board of Directors of Verizon Communications Inc. (NYSE:VZ) today declared a quarterly dividend of 47.5 cents per outstanding share, an increase of 1.5 cents per share, or 3.3 percent, from the previous quarter. On an annual basis, this increases Verizon's dividend 6 cents per share, from $1.84 to $1.90 per share.
The quarterly dividend is payable on Nov. 2, 2009, to Verizon Communications shareowners of record at the close of business on Oct. 9, 2009.
"This increase reflects the strength of our cash flow and balance sheet," said Ivan Seidenberg, Verizon chairman and chief executive officer. "It demonstrates the Board's commitment to return cash to our shareholders while continuing to invest in the long-term growth of our business."
This is the third consecutive year that Verizon's Board of Directors has approved a quarterly dividend increase in September.
Verizon has approximately 2.4 million shareowners and approximately 2.8 billion shares of common stock outstanding. The company made $2.6 billion in dividend payments through the first half of 2009.