Verizon Communications Inc. (NYSE, Nasdaq: VZ), one of the leading telecommunications giants, has just made an exciting announcement regarding its quarterly dividend. The company's Board of Directors has given the green light to an increase in dividends for the 17th consecutive year, demonstrating their commitment to delivering value to shareholders. Let's dive into the details of this significant dividend boost.

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Dividend Increase Details

The Board of Directors at Verizon Communications Inc. has declared a quarterly dividend of 66.50 cents per outstanding share. This marks a notable increase of 1.25 cents per share compared to the previous quarter's dividend. Shareholders can anticipate receiving this increased dividend on November 1, 2023, provided they are on the company's books as of the close of business on October 10, 2023. This move reflects Verizon's dedication to rewarding its investors and providing them with a consistent stream of income.

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17 Years of Consistent Growth

Verizon's 17th consecutive annual dividend increase is a testament to the company's financial stability and strategic prowess. Chairman and CEO Hans Vestberg shared his insights, emphasizing Verizon's disciplined approach to generating strong cash flow, operating efficiently, and, most importantly, serving its customers. This commitment to excellence has enabled the Board to make yet another dividend increase, further enhancing shareholder value.

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Network-as-a-Service Strategy

Hans Vestberg also shed light on Verizon's strategic direction, highlighting their "network-as-a-service strategy." This approach, which revolves around providing advanced network services to businesses and consumers, has been a cornerstone of the company's success. By consistently executing this strategy, Verizon continues to solidify its position as a telecommunications industry leader while simultaneously delivering value to shareholders through dividend growth.

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Impressive Shareholder Base

Verizon boasts a substantial shareholder base, with a total of 4.2 billion shares of common stock outstanding. In the first half of 2023 alone, the company disbursed approximately $5.5 billion in cash dividend payments to its investors. This underscores Verizon's unwavering commitment to rewarding those who have invested in the company's vision and success.

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Verizon Communications Inc.'s announcement of its 17th consecutive quarterly dividend increase is a clear indicator of the company's strong financial performance, strategic prowess, and dedication to shareholder value. As we move forward, it will be exciting to see how Verizon's network-as-a-service strategy continues to drive growth and success for both the company and its investors.