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Sept. 3, 2020, 1:32 p.m. EDT

Verizon boosts dividend, analysts digest results of latest spectrum auction

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By Emily Bary

Verizon Communications Inc. /zigman2/quotes/204980236/composite VZ +0.68% announced Thursday that it was boosting its quarterly dividend to 62.75 cents a share. This marks an increase of 1.25 cents a share from the previous quarter. Verizon said that this is the 14th straight year of dividend hikes for the company and that the dividend will be payable Nov. 2 to shareholders of record as of the close of business on Oct. 9. The announcement comes a day after the Federal Communications Commission announced the winners of a recent CBRS spectrum auction, which saw Verizon as the biggest spender. "Verizon paid up for population density, as the company spent $0.39 per MHz*POP (nearly twice the auction average) to cover 46% of the U.S. population in roughly 5% of the land area," Citi Research analyst wrote in a note to clients regarding the auction. "Verizon's spend was in-line with our estimate and we expect the company to bid aggressively in the upcoming C-Band auction in December, with a base case estimate of $20 billion total from Verizon across both auctions," wrote J.P. Morgan's Philip Cusick. Verizon shares are about flat in afternoon trading Thursday. The stock has lost 1.5% on the year as the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.29% has lost 0.8%.

/zigman2/quotes/204980236/composite
US : U.S.: NYSE
$ 58.81
+0.40 +0.68%
Volume: 13.30M
May 13, 2021 4:00p
P/E Ratio
12.90
Dividend Yield
4.27%
Market Cap
$241.82 billion
Rev. per Employee
$970,439
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,021.45
+433.79 +1.29%
Volume: 352.81M
May 13, 2021 5:03p
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