AT&T (T) will raise its quarterly dividend by 2.1 percent to $0.49 per share in 2017. The annual dividend will increase from $1.92 to $1.96 per share. The dividend will be payable on Feb. 1, 2017 to common stockholders of record on Jan. 10, 2017.

AT&T's dividend announcement was overshadowed by the Time Warner acquisition news last Friday. AT&T has reached an agreement to buy Time Warner for $85.4 billion in cash and stock. The telecom and pay-tv giant now has raised its annual dividend for 33 consecutive years.

Based on Friday's closing price of $37.49 AT&T has an estimated dividend yield of 5.2%. 

AT&T Inc. is a global provider of communications and digital entertainment. The company offers its services and products to consumers in the United States, Mexico and Latin America and to businesses and other providers of telecommunications services worldwide. Its services and products include wireless communications, data/broadband and Internet services, digital video services, local and long-distance telephone services, telecommunications equipment, managed networking, and wholesale services. AT&T is a Dow 30 company and a Dividend Aristocrat.