Allegion (ALLE) will raise its quartery dividend by 31.3 percent to $0.21 per share in the first quarter of 2018. This follows a 33.3 percent dividend hike by the security products company last year.

The dividend is payable on March 29, 2018, to shareholders of record on March 15, 2018. The new dividend yield for ALLE is 1.1%.

“This substantial increase in the dividend reflects Allegion’s commitment to driving shareholder value as well as the board’s confidence in Allegion’s long-term cash flow,” said David D. Petratis, Allegion chairman, president and CEO. “As a company, we remain focused on investing in our growth through organic investments and accretive acquisitions while also returning capital to shareholders at or 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.