Capital One boosts quarterly dividend, to pay special one-time dividend of 60 cents
Capital One Financial Corp.
COF,
declared Wednesday a regular quarterly dividend that was 50% greater than the previous quarter, and said it would also pay a one-time special dividend of 60 cents a share. The financial services company’s new regular quarterly dividend of 60 cents a share, up from 40 cents a share, and the special dividend, will both be payable Aug. 20 to shareholders of record on Aug. 9. The stock slipped 0.7% in afternoon trading. At current stock prices, the new annual rate for the regular dividend of $2.40 a share implies a dividend yield of 1.49%, compared with the yield for the SPDR Financial Select Sector ETF
XLF,
of 1.59% and the implied yield for the S&P 500
SPX,
of 1.35%, according to FactSet. With 451.5 million shares outstanding as of April 30, the special dividend would represent a payout of about $270.9 million. Capital One’s stock has run up 63.3% year to date, while the financial ETF has climbed 23.4% and the S&P 500
SPX,
has advanced 17.1%.
