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Deere & Co. officials announced Wednesday the company has raised its quarterly dividend to 76 cents per share on common stock. 

The new quarterly rate represents an additional 7 cents per share over the previous level, or around a 10 percent increase, according to a news release. 

"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," Deere chairman and CEO Samuel Allen said in the release. 

The dividend is payable Feb. 1, 2019 to stockholders of record on Dec. 31, 2018. 

Times staff

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