Deere & Company (DE) will raise its quarterly dividend by 10.1 percent to $0.76 per share in the fourth quarter of 2018. This is the second dividend increases announced this year by the agricultural equipment maker.

The increased dividend is payable February 1, 2019, to stockholders of record on December 31, 2018. A new annualized rate of $3.04 per share yields 2.1% at a stock price of $147.26 for DE.

"The dividend increase reflects the sound financial position of the company and confidence in our ability to generate strong cash flows through the cycle going forward," said Samuel R. Allen, chairman and chief executive officer.

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.