Johnson Controls International plc (JCI) will raise its quarterly dividend by another 25.9 percent to 23 cents per share. This follows a dividend hike of 3.8 percent to $0.27 per share announced earlier in 2021. 

The next JCI dividend is payable on January 14, 2022 to shareholders of record at the close of business on December 20, 2021. A new annual dividend rate of $1.36 per share yields 1.7% at a stock price of $79.

In its press release dated December 8, 2021, announcing this new dividend hike JCI states that the increased dividend remains within the company's targeted annual payout ratio of 40 to 45 percent of adjusted earnings per share and forms part of a balanced capital deployment strategy that also includes a previously announced plan to repurchase approximately $1.4 billion in shares in FY22, while maintaining the capacity to pursue strategic acquisitions to further strengthen the capabilities in connected, digitally-enabled technologies and software, sustainability, and expanding its service footprint in select high-growth regions and verticals.

"Johnson Controls' continued strong operating performance, robust backlog and exciting growth markets ideally positions us to execute on our strategy to deliver smart, healthy sustainable building solutions to customers, while delivering on our commitments to return cash to shareholders," said Johnson Controls Chairman and Chief Executive Officer George Oliver. "The increasing global importance of decarbonization, indoor air quality, sustainability and the strategic value of buildings as an asset represent important trends for which we continue to apply our strengths to benefit our customers, shareholders, employees and communities."

Johnson Controls, headquartered in Cork, Ireland, is a manufacturer and installer of building products and systems, including HVAC equipment, HVAC controls, energy-management systems, security systems, fire detection systems and fire suppression solutions. The company further serves customers by providing technical services (in the HVAC, security and fire-protection space), energy-management consulting and data-driven solutions via its data-enabled business. Also, the Group has a strong presence in the North American residential air conditioning and heating systems market and is a global market leader in industrial refrigeration products. Johnson Controls was originally incorporated in the state of Wisconsin in 1885 as Johnson Electric Service Company to manufacture, install and service automatic temperature regulation systems for buildings. Johnson Controls has paid a consecutive dividend since 1887.