At least Verizon (VZ) is thinking about the dividend record
At least Verizon (VZ) is thinking about the dividend record
Verizon does a small dividend hike in 2024 to continue streak
Verizon Communications (VZ) announced a 1.8% dividend hike on Wednesday, marking 18 consecutive years of increased dividends. The new quarterly dividend of 67.75 cents per outstanding share is 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. The dividend yield for Verizon is 6.5% at a stock price of $41.48.
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."
This new dividend hike keeps the streak of annual increases alive. Peer AT&T, a former Dividend Aristocrat, had to cut its dividend two years ago, ending 37 consecutive years of increased dividends. Verizon is still on track to become an Aristocrat in 2031 when the can touch the magic 25 years of dividend growth.
Separately Verizon also announced the acquisition of Frontier Communications for $20 billion in cash, enabling Verizon to strengthen its fiber network. Verizon ended FY 2023 with a net debt of $148 billion.
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.
Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.