NEW YORK ( TheStreet) -- The ex-dividend date for Paragon Shipping (NYSE: PRGN) is tomorrow, March 10, 2011. Owners of shares as of market close today will be eligible for a dividend of 5 cents per share. At a price of $3.13 as of 9:31 a.m. ET, the dividend yield is 6.5%. The average volume for Paragon Shipping has been 520,700 shares per day over the past 30 days. Paragon Shipping has a market cap of $157.3 million and is part of the services sector and transportation industry. Shares are down 10.2% year to date as of the close of trading on Tuesday. Paragon Shipping Inc. provides shipping transportation services worldwide. The company engages in the ocean transportation of various drybulk cargoes, such as iron ore, coal, grain, bauxite, phosphate, and fertilizers. The company has a P/E ratio of 5.7, below the average transportation industry P/E ratio of seven and below the S&P 500 P/E ratio of 17.3. TheStreet Ratings rates Paragon Shipping as hold. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and generally poor debt management. You can view the full Paragon Shipping Ratings Report. See our dividend calendar or top-yielding stocks list.