AT&T (NYSE:T) will try to boost shareholder value with a twin-barreled shot of dividends and buybacks. The company will distribute $0.45 per share of its common stock on May 1 to shareholders of record as of April 10. That amount matches the telecom operator's previous payout, which was distributed in January. Prior to that, it handed out $0.44.

The just-declared dividend annualizes to $1.80 per share. That yields 4.9% at AT&T's current stock price of $36.69.

The firm also announced a fresh stock buyback program. Its board has authorized the repurchase of up to 300 million shares. There is no expiration date on the authorization, which covers a total of roughly 5.5% of common stock outstanding.

Fool contributor Eric Volkman has no position in AT&T, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.