Yesterday, Feb 23, 2010, I bought 200 shares of VZ at a net of 28.80 per share.  I then sold s VZ Apr10 30 Covered Calls for a net deposit of $36.46 in an IRA account.  My basis for these VZ shares is now 28.62.

I have owned VZ in the past, sold Calls on it and had it called away at a profit.  I should probably have gone back to VZ earlier because it is a stock that fits well into my core investing goals.  It pays a good dividend, currently about 6.61% and allows me to increase my yield through selling Covered Calls and possibly through the stock being called away at a level above my purchase price.

VZ, along with T,  is a stock that Jim Cramer identifies in his latest book “Getting Back to Even” as one that is a good stock to own in a diversified dividend producing portfolio.  Jim recently had the CEO of VZ on his show where they talked about the continued safety of the dividend payments.  There have also been several purchases by VZ insiders.