Allegion PLC has announced a quarterly dividend of $0.51 per share, scheduled for distribution on December 31, 2023. Investors who hold shares as of the record date, December 16, 2023, will receive this payment. The dividend reflects a modest annual increase and a yield of approximately 1.3%, marking the company’s continued commitment to returning value to its shareholders.
Over the past eleven years, Allegion has consistently raised its dividend, with an average annual increase of 0.1%. The company boasts a dividend payout ratio of 24.3%, indicating strong earnings cover for its dividends. Analysts project Allegion’s earnings per share to be $7.97 next year, suggesting that the company will maintain its dividend with a future payout ratio of 25.6%.
Market Performance and Analyst Insights
On the trading front, shares of Allegion (NYSE:ALLE) experienced a decline of $3.16 during mid-day trading on Thursday, bringing the stock price to $160.87. The trading volume reached 1,073,069 shares, significantly surpassing the average volume of 932,909. Over the past year, Allegion’s stock has fluctuated between a low of $116.57 and a high of $180.68. The company currently holds a market capitalization of $13.84 billion and has a price-to-earnings (P/E) ratio of 21.77.
Analysts have recently issued various ratings on Allegion. For instance, Weiss Ratings reaffirmed a “buy” rating on October 8, 2023. Further, Robert W. Baird raised their price target from $175.00 to $190.00 while maintaining a “neutral” rating on October 21, 2023. The Goldman Sachs Group also increased its target price from $176.00 to $198.00 with a “buy” rating. Barclays adjusted their target from $185.00 to $187.00, giving it an “equal weight” rating as of October 24, 2023. Wells Fargo & Company similarly raised their target to $185.00 on October 6, 2023.
The current consensus among analysts shows three ratings as “buy” and seven as “hold,” resulting in an average rating of “hold” and a target price of $176.38.
About Allegion
Allegion PLC specializes in manufacturing and selling mechanical and electronic security products and solutions globally. The company’s portfolio includes door controls and systems, exit devices, locks, key systems, electronic security products, and workforce productivity systems. With a robust product offering, Allegion continues to position itself as a leader in security solutions.
Investors and market analysts alike will be closely monitoring Allegion’s performance in the coming months, particularly as the company remains committed to sustaining its dividend amidst a favorable earnings outlook.
