DALLAS - AT&T Inc. (NYSE:T) has announced dividends for its common and preferred shares. The board of directors declared a quarterly dividend of $0.2775 per common share, with payment scheduled for November 1, 2024. Stockholders on record as of October 10, 2024, will be eligible for the dividend payout.
In addition to the common stock dividend, AT&T's board also declared dividends on its preferred stocks. Holders of the 5.000% Perpetual Preferred Stock, Series A, will receive $312.50 per share, which equates to $0.3125 per depositary share. Similarly, the 4.750% Perpetual Preferred Stock, Series C, will have a dividend of $296.875 per share, or $0.296875 per depositary share. These dividends are also payable on November 1 to shareholders of record by the October 10 cutoff.
AT&T, a company with a history spanning over 140 years, currently serves more than 100 million U.S. families and nearly 2.5 million businesses. The telecommunications giant continues to expand its offerings, including 5G wireless services and multi-gig internet.
The announcement of these dividends follows AT&T's tradition of providing returns to its shareholders and reflects the company's commitment to maintaining its financial practices. This information is based on a press release statement from AT&T.
In other recent news, AT&T and TPG Inc are reportedly in discussions to merge their DirecTV satellite service with Dish, a potential move that could reshape the satellite-TV landscape. On the financial front, Citi has raised its price target for AT&T from $21 to $24, maintaining a Buy rating while highlighting the company's solid financial growth prospects. In labor matters, AT&T's final offer to the Communications Workers of America (CWA) has been met with resistance, leading to an ongoing strike involving more than 17,000 employees. The CWA has since withdrawn from the mediation process, citing AT&T's alleged stalling tactics. Meanwhile, AT&T is among several companies integrating Meta Platforms Inc (NASDAQ:META)'s Llama artificial intelligence models into their operations, marking a significant adoption of the AI technology in the business sector. These developments underscore the dynamic nature of AT&T's current business environment.
InvestingPro Insights
AT&T's recent dividend announcement aligns with its long-standing commitment to shareholder returns. According to InvestingPro data, AT&T boasts a robust dividend yield of 5.13%, which is particularly attractive in the current market environment. This high yield is complemented by an InvestingPro Tip highlighting that AT&T has maintained dividend payments for an impressive 41 consecutive years, underscoring the company's dedication to consistent shareholder rewards.
The company's financial health appears solid, with a market capitalization of $155.24 billion and a price-to-earnings ratio of 14.58, suggesting a reasonable valuation. AT&T's revenue for the last twelve months stands at $122.2 billion, reflecting its position as a major player in the telecommunications industry.
Another InvestingPro Tip notes that AT&T is a prominent player in the Diversified Telecommunication Services industry, which aligns with the article's mention of the company's extensive customer base and expanding service offerings, including 5G wireless and multi-gig internet.
Investors seeking more insights can find 11 additional InvestingPro Tips for AT&T, offering a comprehensive view of the company's financial position and market performance.
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