NEW YORK, Sept. 4, 2014 /PRNewswire/ -- The Board of Directors of Verizon Communications Inc. (NYSE, Nasdaq: VZ) today declared a quarterly dividend of 55 cents per outstanding share, an increase of 2 cents per share, or 3.8 percent, from the previous quarter. On an annual basis, this increases Verizon's dividend by 8 cents per share, from $2.12 to $2.20 per share.

The quarterly dividend is payable on Nov. 3, 2014, to Verizon Communications shareowners of record at the close of business on Oct. 10, 2014.

This is the eighth consecutive year that Verizon's Board of Directors has approved a quarterly dividend increase.

Verizon has approximately 4.1 billion shares of common stock outstanding. The company made $3.6 billion in cash dividend payments in the first half of 2014.

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, with 104.6 million retail connections nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries. A Dow 30 company with more than $120 billion in 2013 revenues, Verizon employs a diverse workforce of 177,800. For more information, visit www.verizon.com.

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SOURCE Verizon Communications Inc.