Verizon's (NYSE:VZ) massive deal with Vodafone has overshadowed another crucial piece of news for the American telecom's investors. Verizon has elected to lift its quarterly dividend to $0.53 per share. This will be paid on November 1 to shareholders of record as of October 10. That amount is $0.015, or nearly 3%, higher than the preceding payout of $0.515, which was dispensed at the beginning of August.

In the press release announcing the news, the company pointed out that this marks the seventh consecutive year it has increased its distribution.

The new dividend annualizes to $2.12 per share. That yields 4.6% at Verizon's current stock price of $45.95. 

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Vodafone. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.