Allegion (ALLE) will raise its quartery dividend by 18.5 percent to $0.32 per share in the first quarter of 2020. This follows a 28.6 percent dividend hike by the security products company last year.

The next dividend is payable on March 31, 2020, to shareholders of record on March 17, 2020. A new annual dividend rate of $1.28 per share yields 1.0% at a stock price of $134.04.

From today's press release: “Both the dividend increase and share repurchase authorization represent our board’s strong belief in Allegion’s long-term cash flow potential – as well as their support of our long-standing strategy to create value for our shareholders through a balanced and flexible approach to organic investments, accretive acquisitions and shareholder distributions,” said David D. Petratis, Allegion chairman, president and CEO. “In addition, we continue to expect an annual rate of dividend increase that’s above the rate of 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.