By Colin Kellaher

 

Deere & Co. on Wednesday said its board raised the quarterly dividend by 18.4%, to 90 cents from 76 cents.

The new payout, equal to $3.04 a year, represents an annual yield of about 1.07% based on Tuesday's closing price of $337.41, up from 0.9%.

The Moline, Ill., maker of farm and construction machinery said the dividend is payable May 10 to shareholders of record March 31, adding that the large increase reflects its recent strong performance and confidence in its future direction.

Deere last week reported fiscal first-quarter earnings that far exceeded Wall Street's expectations and forecast solid full-year profit growth.

Deere shares have doubled in the past 12 months.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

February 24, 2021 11:34 ET (16:34 GMT)

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