verizon-raises-dividend-by-2%,-to-keep-the-stock-the-3rd-highest-yielding-within-the-dow

Verizon raises dividend by 2%, to keep the stock the 3rd highest yielding within the Dow

Verizon Communications Inc.
VZ,
0.14%

said Thursday that it will raise its quarterly dividend by 2.0%, to 64.00 cents a share from 62.75 cents a share. Shareholders of record on Oct. 8 will be paid the new dividend rate on Nov. 1. The telecommunications company’s stock rose 0.1% in afternoon trading. Based on current stock prices, the new annual dividend rate implies a dividend yield of 4.66%, which compares with the implied yield for the S&P 500
SPX,
0.11%

of 1.33%. It also keeps Verizon’s stock as the third highest yielding within the Dow Jones Industrial Average
DJIA,
0.22%
,
below Chevron Corp.
CVX,
2.50%

at 5.45% and International Business Machines Corp.
IBM,
-0.18%

at 4.71%, and just ahead of Dow Inc.
DOW,
0.40%

at 4.45%.