Verizon Communications Inc. (NYSE:VZ) announced on Friday that its board of directors declared a quarterly dividend of $0.7075 per share on its common stock, payable on May 1 to shareholders of record as of the close of business on April 10. This new dividend represents an annualized increase of $0.07 per share, or 2.5%, compared to the prior annual dividend rate. With this increase, Verizon maintains its impressive track record of raising dividends for 21 consecutive years, offering investors a substantial 6.93% current yield, according to InvestingPro data.

In addition to the dividend increase, Verizon’s board authorized a share repurchase program for up to $25 billion of the company’s common stock. The program will remain in effect until the aggregate consideration paid for share repurchases reaches $25 billion, excluding fees and expenses, or until a new plan supersedes it. Repurchases may occur through open market transactions, privately negotiated deals, or plans compliant with Rule 10b5-1 or Rule 10b-18 under the Securities Exchange Act of 1934.

Verizon expects to repurchase at least $3 billion of its common stock under this authorization in 2026. The number and timing of repurchases will depend on prevailing stock prices, market conditions, and other factors. The company noted that the program does not obligate it to acquire any specific amount of stock and may be suspended or discontinued at any time.

Investing.com