Updated to include information regarding AT&T ex-dividend details.
NEW YORK (TheStreet) -- AT&T (T) dropped slightly during Wednesday's session after ex-dividend trading went live. A cash dividend payment of 46 cents a share, a 2.22% over the previous quarter's payment, is due to be distributed on Feb. 3, 2013.
By late afternoon, the telecommunications giant had shed 2.3% to $34.13 and high trading volume of 26.2 million shares was nearly 20% higher than its three-month daily average.
In other news, on Tuesday the Dallas-based business acquired 49 high-frequency spectrum licenses from privately-owned Aloha Partners for an undisclosed amount. The purchase covers nearly 50 million people over 14 states including California, Massachusetts and Texas.
The purchase complements AT&T's recent purchases of similar Advanced Wireless Services (AWS) licenses, a move in response to increasing mobile data traffic in metropolitan areas.
The deal, while subject to regulatory approval, is expected to close in the second half of 2014.
TheStreet Ratings team rates AT&T INC as a Buy with a ratings score of B. The team has this to say about their recommendation:
"We rate AT&T INC (T) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."