Quad-Cities-based Deere & Company’s board of directors has approved a stock dividend increase. It goes to 51 cents a share on common stock payable on May 1st to qualified stockholders. That’s an increase of 5 cents — or about 11 percent — per share over the previous dividend.
It marks the 11th increase for the ag and construction machinery maker’s quarterly dividend since early 2004. Samuel R. Allen is Deere’s chairman and CEO. He says the dividend increase reflects confidence in Deere’s long term cash flows.
He says the company remains committed to its plans for profitably growing and returning cash to shareholders. Deere is Iowa’s largest manufacturing employer.
By Phil Roberts, Davenport