Capital One (NYSE:COF) is apparently not a believer in modest dividend increases. The company announced it is to pay $0.30 per share of its common stock on May 23 to holders of record as of May 13. That amount is six times the $0.05 disbursement the firm handed out in every previous quarter stretching back to May 2009.

Capital One also declared a dividend for its 6.00% series B preferred stock. Possessors of that security will be paid $15.00 on June 3 if they hold their shares as of May 17.

The new common stock dividend annualizes to $1.20 per share. That yields 2.1% at Capital One's current stock price of $58.18.