First Niagara Financial (NASDAQ:FNFG) will return money to two separate classes of its stockholders. The company has declared quarterly dividends for its common shares and its class B preferreds, both of which will be paid on May 15 to shareholders of record as of May 3.

The common stock payout is to be $0.08 per share, while that for the class B preferred is $0.539063 apiece.

The amount of the former matches the banking group's previous five quarterly distributions, the most recent of which was handed out in February.

The common stock dividend annualizes to $0.32 per share. That yields 3.4% at First Niagara Financial's current market price of $9.37.

Fool contributor Eric Volkman has no position in First Niagara Financial. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't 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.