NEW YORK - Verizon Communications Inc. (NYSE, Nasdaq: NYSE:VZ) announced today that its Board of Directors has declared a quarterly dividend of 66.50 cents per outstanding share, consistent with the dividend amount distributed in the previous two quarters. The upcoming dividend is set to be paid on May 1, 2024, to shareholders who are on record as of April 10, 2024.
Chairman and CEO Hans Vestberg highlighted the company's commitment to shareholder value, stating, "We are one of the strongest cash-generating companies in the industry, and we are proud to have raised our dividend 17 years in a row. We continue to focus on maximizing value for our shareholders and executing our network-as-a-service strategy."
Verizon, a global leader in technology and communications services, has a significant footprint in the market with approximately 4.2 billion shares of common stock outstanding. In 2023, the company distributed over $11.0 billion in cash dividend payments to its shareholders.
Headquartered in New York City, Verizon has established a strong presence worldwide and reported revenues of $134.0 billion in the previous year. The company's service offerings include data, video, and voice services across its advanced networks and platforms, catering to customer demands for mobility, reliable connectivity, and security.
This dividend announcement is based on the company's financial performance and strategic initiatives, as outlined in a press release statement issued by Verizon Communications Inc.
InvestingPro Insights
As Verizon Communications Inc. (NYSE, Nasdaq: VZ) continues to uphold its reputation for rewarding shareholders, the latest InvestingPro data and tips highlight several key financial metrics and strategic insights that may interest investors. With a market capitalization of $168.68 billion, Verizon stands as a substantial player in the diversified telecommunication services industry.
InvestingPro data indicates that Verizon maintains a price-to-earnings (P/E) ratio of 14.5, which adjusts to an even more attractive 9.57 when considering the last twelve months as of Q4 2023. This suggests that Verizon's stock may be undervalued relative to its earnings, potentially offering a compelling entry point for investors. The company's dividend yield as of the 60th day of 2024 is an impressive 6.63%, reinforcing its commitment to delivering shareholder value.
From the perspective of InvestingPro Tips, it's noteworthy that Verizon has not only raised its dividend for 19 consecutive years but has also maintained dividend payments for an impressive 41 consecutive years. This track record of consistent dividend growth is a testament to the company's financial stability and dedication to its shareholders. Additionally, the fact that 6 analysts have revised their earnings upwards for the upcoming period signals growing confidence in Verizon's financial outlook.
Investors seeking to delve deeper into Verizon's financials and strategic positioning can uncover a wealth of insights on InvestingPro, where there are several additional tips available to guide investment decisions. To access these insights and make the most informed choices, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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