This afternoon, Verizon (NYSE:VZ) announced a hike in its already-hefty dividend, increasing its payout from 50 cents to 51.5 cents.
The move brings the company’s annual payment to $2.06 and boosted the dividend’s yield to nearly 4.7% — closer to the yield of competitor AT&T (NYSE:T). The 3% increase is also the largest in the last three years and makes for the sixth consecutive year that the board of directors has approved an increase.
The increased dividend is payable on Nov. 1 to shareholders of record on Oct. 10.
Shares of Verizon were up only slightly on Thursday, breaking just above $44, but the company has still seen just-under double-digit gains on the year.
Besides it sweet dividend, the company also offers dependable services, including the largest 4G LTE network.
And in the most recent quarter, its earnings jumped more than 13% to a whopping $1.8 billion, on revenue of $28.6 billion.
Earlier in the summer, the company also introduced its “Share Everything” plan, which allows wireless customers to divide data service among multiple mobile devices.