Deere & Co. /zigman2/quotes/207941296/composite DE -1.02% said Wednesday that it was declaring a quarterly dividend of $1.13 a share, up 8 cents a share from the prior level and representing a nearly 8% increase. The new dividend will be payable Aug. 8 to shareholders of record as of June 30, 2022. "The latest increase in our quarterly dividend is a reflection of Deere's recent strong performance and the success of our Smart Industrial strategy," Chief Executive John May said in a press release attached within a Securities and Exchange Commission filing. The dividend increase "also shows our confidence in the company's future direction," he continued. Shares of the maker of agricultural equipment are ahead about 1% in midday trading Wednesday. They've lost 5.7% over the past 12 months as the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.36% has fallen 17.3%.