Allegion PLC (ALLE) will raise its quartery dividend by 13.9 percent to 41 cents quarterly in 2022. This follows a 12.5 percent hike to 36 cents per share in 2021 and marks 8 consecutive years of raised dividends by the lock maker.

The next dividend is payable on March 31, 2022, to shareholders of record on March 16, 2022. A new annual dividend rate of $1.64 per share yields 1.4% at a stock price of $119.

From today's press release:“Allegion and the Board of Directors maintain our commitment to create shareholder value through a balanced and flexible capital allocation strategy,” said David D. Petratis, Allegion chairman, president and CEO. “We enjoy strong cash flow generation and an annual dividend increase above our earnings growth rate reflects our confidence in the long-term vitality of our markets, and the business’ ability to invest in innovation and return capital to shareholders.”

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.