Otis Worldwide Corporation (OTIS) will raise its quarterly dividend by 20.8 percent to 29 cents per share in 2022. Last year the elevator and escalator manufacturer announced a 20 percent dividend hike.

The next dividend will be payable on June 10, 2022, to shareholders of record at the close of business on May 20, 2022. A new annualized dividend rate of $1.16 per share yields 1.6% at a stock price of $74. Otis will now pay an estimated $493 million in dividends to shareholders annually.

Otis Worldwide Corp (ISIN US68902V1070) is an elevator and escalator manufacturing, installation and service company. Otis operates through two segments: New Equipment and Service. Through its New Equipment segment, it designs, manufactures, sells and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects. It sells its New Equipment units directly to customers, as well as through agents and distributors globally. Through its Service segment, it performs maintenance and repair services for both its products and those of other manufacturers and provides services to upgrade elevators and escalators. Otis was spun off from United Technologies on April 3, 2020. The company initiated a quarterly dividend in May 2020.