Franklin Electric Co. said Monday it will raise its quarterly dividend to 22.5 cents per share, that represents a 15.3% increase from the prior dividend of 19.5 cents a share. The new dividend will be payable Feb. 16 to shareholders of record on Feb. 2. Shares of the maker of water and fuel movement products was still untraded ahead of Monday’s open. Based on Friday’s stock closing price of $85.09, the new annual dividend rate implies a dividend yield of 1.06%, which compares with the implied yield for the S&P 500 of 1.70%. Franklin Electric’s stock has slipped 0.2% over the past three months, while the S&P 500 has gained 5.9%.
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