AT&T maintains quarterly dividend, with yield above 7%

AT&T Inc.
T,
-0.68%
said Friday it was keeping its quarterly dividend at 27.75 cents a share, payable Nov. 1 to shareholders of record on Oct. 10. With the telecommunications and media company’s stock down 0.8% in afternoon trading, the annual dividend rate implies a dividend yield of 7.21%, which compares with the yield for the SPDR Communication Services Select Sector ETF
XLC,
-0.74%
of 1.17% and the implied yield for the S&P 500
SPX,
-1.02%
of 1.83%, and the yield of the 10-year Treasury note
TMUBMUSD10Y,
3.820%
of 3.742%. AT&T’s stock was the ninth-highest yielding stock in the S&P 500, behind leaders communications services company Lumen Technologies Inc.
LUMN,
-0.61%
at 13.67% and oil and gas exploration company Pioneer Natural Resources Co.
PXD,
+0.43%
at 10.78%.