The Deere & Company board of directors has approved an increase of the company's dividend to 51 cents a share on common stock. The dividend is payable on May 1, 2013 to stockholders of record on March 28, 2013.
The new quarterly rate represents an increase of 5 cents per share over the previous level—an increase of approximately 11 percent. This is the eleventh increase to the Deere & Company quarterly dividend since early 2004. Deere last raised its dividend in February 2012.
"Our dividend increase reflects our confidence in our long term cash flows. Deere is well-positioned to benefit from major trends that we continue to believe hold great promise for the company and its customers and investors," said Samuel R. Allen, Deere chairman and CEO. "We remain committed to our plans for profitably growing the company and returning cash to shareholders."