Allegion PLC (NYSE:ALLE) announced a quarterly dividend of $0.51 per share, which will be paid to shareholders on December 31, 2023. Investors who are on the record as of December 16, 2023 will qualify for this dividend, marking the company’s continued commitment to returning value to its shareholders.
This latest dividend signifies an annualized rate, contributing to a dividend yield of 1.3%. Allegion has consistently increased its dividend over the past 11 years, with an average annual growth rate of 0.1%. The company maintains a healthy dividend payout ratio of 24.3%, indicating that its earnings sufficiently cover this distribution. Analysts project that Allegion will earn $7.97 per share in the upcoming year, which suggests that the anticipated future payout ratio will be around 25.6%.
Stock Performance and Analyst Ratings
On December 3, 2023, Allegion’s stock experienced a decrease of $3.16, bringing its price down to $160.87 during mid-day trading. The stock’s trading volume reached 1,073,069 shares, surpassing its average of 932,909 shares. Over the past year, the stock has fluctuated between a low of $116.57 and a high of $180.68. Currently, the firm boasts a market capitalization of $13.84 billion and maintains a P/E ratio of 21.77, alongside a P/E/G ratio of 3.21 and a beta of 1.03.
In addition, Allegion exhibits strong liquidity with a current ratio of 1.77 and a quick ratio of 1.11. The company’s debt-to-equity ratio stands at 1.06, indicating a balanced approach to leveraging its capital structure. The fifty-day simple moving average is $169.68, while the 200-day simple moving average is $161.03.
Analysts have provided various perspectives on Allegion’s stock. Weiss Ratings reaffirmed a “buy (b)” rating on October 8, 2023. Subsequently, Robert W. Baird raised their price target from $175.00 to $190.00 and assigned a “neutral” rating on October 21, 2023. The Goldman Sachs Group also adjusted their target price, moving it from $176.00 to $198.00 with a “buy” recommendation on September 16, 2023. Additionally, Barclays increased their target from $185.00 to $187.00 and assigned an “equal weight” rating on October 24, 2023, while Wells Fargo & Company raised their target from $175.00 to $185.00 on October 6, 2023.
As it stands, three analysts have rated Allegion’s stock as a “buy” while seven have given it a “hold” rating. According to MarketBeat, the average rating for the stock is currently “hold” with a consensus target price of $176.38.
About Allegion
Allegion PLC specializes in the manufacture and sale of mechanical and electronic security products and solutions globally. The company’s product offerings include door controls and systems, exit devices, locks, key systems, electronic security products, access control systems, and workforce productivity solutions. As Allegion continues to innovate and expand its product range, its commitment to shareholders remains evident through its consistent dividend payments and steady financial performance.
