Allegion (ALLE) will raise its quartery dividend by 33.3 percent to $0.16 per share in the first quarter of 2017.

The dividend is payable on March 31, 2017, to shareholders of record on March 15, 2017.

"Our Board's action is consistent with Allegion's long-stated objective to create value for our shareholders," said David D. Petratis, Allegion chairman, president and CEO. "The substantial increase in the dividend and the new share repurchase authorization represents our Board's strong belief in Allegion's long-term cash flow potential and its support of our broader strategy to continue to build shareholder value by investing in our growth organically and through accretive acquisitions, and returning excess cash to shareholders.

"We will continue to carefully evaluate our capital allocation policies by appropriately balancing our investment opportunities with the desire to return capital to shareholders above our rate of annual earnings growth."

Allegion PLC provides mechanical and electronic security products, services, and systems. Focusing on security around the door and adjacent areas, Allegion produces a range of solutions for homes, businesses, schools and other institutions. Its products include residential and commercial locks, door closer and exit devices, steel doors and frames to access control and workforce productivity systems. The company's brands include  CISA, Interflex, LCN, Schlage, SimonsVoss and Von Duprin.