NEW YORK (AP) — Verizon Communications Inc. said Thursday that it has increased its quarterly dividend by 3 percent, the sixth year in a row that the company has lifted its payout to investors.
The telecommunications company, which is based in New York, will pay a dividend of 51.5 cents per share on Nov. 1 to shareholders of record as of Oct. 10. That is up from its most recent dividend payment of 50 cents per share.
Verizon owns 55 percent of Verizon Wireless, the country's largest cellphone carrier. The company says it is confident in its operating performance and cash flow, which gives it the flexibility to raise the dividend while investing in its long-term growth.
The company has an estimated 2.85 billion shares outstanding.
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