Deere & Company (DE) will raise its quarterly dividend by 18.4 percent to 90 cents per share in 2021. This follows a dividend hike of 10.1 percent to $0.76 per share in the fourth quarter of 2018. That was the second dividend increase announced in 2018 by the agricultural equipment maker for a total of 26.7 percent. Deere did not raise the dividend in 2019 and 2020.

The increased dividend of 90 cents is payable May 10, 2021, to stockholders of record on March 31, 2021. A new annualized rate of $3.60 per share yields 1.0% at a stock price of $345 for DE.

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.