Allegion (ALLE) will raise its quartery dividend by 28.6 percent to $0.27 per share in the first quarter of 2019. This follows a 31.3 percent dividend hike by the security products company last year.

The dividend is payable on March 29, 2019, to shareholders of record on March 15, 2019. A new annualized dividend rate of $1.08 per share yields 1.2% at a stock price of $91.23.

“Our action reflects Allegion’s continued commitment to drive sustainable shareholder returns,” said David D. Petratis, Allegion chairman, president and CEO. “The large increase in the dividend conveys our confidence in the company’s long-term cash flow prospects. In addition, this action supports the company’s balanced capital allocation strategy, including organic growth investments, accretive acquisitions and shareholder distributions. It also shows the board’s support of our plan to return cash to shareholders in the form of dividends above our annual earnings growth rate.”

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.