Summary
Deere & Company (DE) announced on May 24, 2011, through an 8-K filing, a significant increase in its quarterly dividend on common stock to $0.41 per share. This represents a 17% increase over the previous rate, amounting to an additional 6 cents per share, and marks the ninth dividend hike since early 2004. The company stated that this decision reflects confidence in its future prospects and its ability to generate long-term value for both customers and shareholders.
Key Highlights
- 1Deere & Company's Board of Directors approved a dividend increase to $0.41 per share on common stock.
- 2The new quarterly dividend rate represents a 6-cent per share increase, a jump of approximately 17% from the previous level.
- 3This marks the ninth time Deere & Company has increased its quarterly dividend since early 2004.
- 4The dividend is payable on August 1, 2011, to stockholders of record as of June 30, 2011.
- 5Chairman and CEO Samuel R. Allen cited confidence in the company's prospects and commitment to delivering long-term value.
- 6The company remains focused on meeting global needs for food and infrastructure, balancing organic growth funding with shareholder returns.