Deere & Company (DE) will raise its quarterly dividend by 15 percent to $0.69 per share in the second quarter of 2018. Its the first dividend hike since 2014 by the agricultural equipment maker.

The next dividend is payable August 1, 2018, to stockholders of record on June 29, 2018 and yields 1.8% based on the new annual dividend amount.

"Today's announcement reaffirms our confidence in the company's present direction and our belief that Deere will continue to deliver significant long-term value to investors and customers," said Samuel R. Allen, chairman and chief executive officer. "We remain committed that the more durable business model now in place at Deere will result in strong financial performance throughout the business cycle."

Deere & Company is a manufacturer of agricultural, construction and forestry equipment. The company's financial services segment primarily finances sales and leases by the company dealers of new and used agriculture and turf equipment and construction and forestry equipment.