Franklin Electric (FELE) will raise its quarterly dividend by 6.9 percent to $0.155 per share in 2020. This marks the 28th consecutive year of annual dividend increases by the industrial company.

The next dividend is payable February 20, 2020, to shareholders of record on February 6, 2020. A new annualized rate of 62 cents per share yields 1.0% at a stock price of $59.95.

Franklin Electric Co., Inc. is a manufacturer and distributor of products and systems focused on the movement and management of water and fuel. FELE offers pumps, motors, drives, and controls for use in a wide variety of residential, commercial, agricultural, industrial, and municipal applications.  Founded in 1944 and incorporated in 1946, Franklink Electric is named after America’s pioneer electrical engineer, Benjamin Franklin. The company manufactured the first waterlubricated submersible motor for water systems, and the first submersible motor for fueling systems.