AT&T (T) Raises Quarterly Dividend 2% to $0.52; Enters $4B Accelerated Buyback

AT&T (NYSE: T) declared a quarterly dividend of $0.52 per share, or $2.08 annualized. This is a 2% increase from the prior dividend of $0.51. The dividend will be payable on February 3, 2020, to stockholders of record on January 10, 2020, with an ex-dividend date of January 9, 2020. The annual yield on the dividend is 5.4 percent.

Other updates to the company’s capital allocation strategy include:

• The company began retiring shares in the fourth quarter and has entered into a $4 billion accelerated share repurchase (ASR) agreement. Through purchases under the ASR, AT&T plans to retire about 100 million shares in the first quarter of 2020.
• AT&T also remains on track to hit its 2019 net debt-to-adjusted EBITDA ratio target in the 2.5x range. It expects a leverage ratio of between 2.0x to 2.25x by the end of 2022.
• The company has supported its deleveraging goals with an asset monetization program that is well ahead of target. At the beginning of 2019, AT&T said it planned to monetize $6 billion to $8 billion from non-core assets. With the completion of the recent $4.5 billion sale of a preferred equity interest in a subsidiary that holds cell tower assets, AT&T now has completed a net $15 billion in asset monetization initiatives this year. It has also announced nearly $4 billion in monetization initiatives that are expected to close by mid-2020.

For a dividend history and other dividend-related data on AT&T (T) click here.

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