Fortune Brands Home & Security (FBHS) will raise its quarterly dividend by 9.1 percent to $0.24 per share. This marks the 7th consecutive year of dividend increases by the home and security products provider.

The dividend is payable on March 18, 2020, to stockholders of record as of the close of business on February 28, 2020. The new annualized dividend rate of 96 cents per share yields 1.5% at a stock price of $64.

“We have now increased our dividend rate for the seventh consecutive year. This is a testament to our solid execution of our strategies and commitment to driving incremental shareholder value. We will continue to strategically use our strong balance sheet, capital structure and free cash flow as we drive our next phase of growth,” said Chris Klein, chief executive officer, Fortune Brands.

Fortune Brands Home & Security, Inc. provides home and security products for use in residential home repair, remodeling, new construction, and security applications. The company’s four operating segments are Cabinets, Plumbing, Doors and Security. Its trusted brands include more than a dozen core brands under MasterBrand Cabinets; Moen, Perrin & Rowe, Riobel, ROHL, Shaws and Victoria + Albert under the Global Plumbing Group (GPG); Therma-Tru entry door systems; and Master Lock and SentrySafe security products under The Master Lock Company.