Verizon Communications Inc. (NYSE:VZ) will release its financial results for the second quarter, before the opening bell on Monday, July 22.

Analysts expect the New York-based company to report quarterly earnings at $1.15 per share, down from $1.21 per share in the year-ago period. Domino's is expected to post revenue of $33.06 billion, compared to $32.6 billion a year earlier, according to data from Benzinga Pro.

On July 10, Scotiabank analyst Maher Yaghi maintained Verizon with a Sector Perform and raised the price target from $45.50 to $46.50.

With the recent buzz around Verizon, some investors may be eyeing potential gains from the company's dividends. As of now, Verizon has a dividend yield of 6.32%, which is a quarterly dividend amount of 66 cents a share ($2.66 a year).

To figure out how to earn $500 monthly from Verizon, we start with the yearly target of $6,000 ($500 x 12 months).

Next, we take this amount and divide it by Verizon's $2.66 dividend: $6,000 / $2.66 = 2,256 shares

So, an investor would need to own approximately $94,910 worth of Verizon, or 2,256 shares to generate a monthly dividend income of $500.

Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $2.66 = 451 shares, or $18,974 to generate a monthly dividend income of $100.

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Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.

The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.

For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).

Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).

Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.

VZ Price Action: Shares of Verizon gained 0.1% to close at $42.07 on Thursday.

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