Its shareholder payout time at First Niagara Financial (NASDAQ:FNFG). The company has declared two fresh dividends, chiefly a common stock distribution of $0.08 per share to be handed out on Aug. 15 to shareholders of record as of Aug. 9. That amount is in line with each of the firm's previous six distributions, the most recent of which was dispensed in May. Before that, First Niagara paid double that amount at $0.16 per share.

The company also set a distribution of $0.539063 for its series B preferred stock. The record and payment dates match those of the common shares.

The just-declared common stock dividend annualizes to $0.32 per share. That yields just over 3% at First Niagara's most recent closing price of $10.66.

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.