Deere raises quarterly dividend by 15%
Deere & Co. raised its quarterly dividend by 15% on Wednesday, to 69 cents a share from 60 cents a share. The new dividend will be payable Aug. 1 to shareholders of record on June 29. Shares of the maker of equipment used in agriculture and construction industries rose 0.5% to $155.82 in morning trade. At that price, the new annual dividend rate implies a dividend yield of 1.77%, compared with the yield of 1.79% for the SPDR Industrial Select Sector ETF and the implied yield for the S&P 500 of 1.94%, according to FactSet. The stock has slipped 0.3% year to date, while the industrial ETF has lost 0.6% and the S&P 500 has gained 1.6%.