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NEW YORK ( TheStreet) -- The ex-dividend date for Mesabi (NYSE: MSB) is tomorrow, July 27, 2011. Owners of shares as of market close today will be eligible for a dividend of 60 cents per share. At a price of $31.56 as of 10:01 a.m. ET, the dividend yield is 7.7%. The average volume for Mesabi has been 105,800 shares per day over the past 30 days. Mesabi has a market cap of $409.6 million and is part of the financial sector and financial services industry. Shares are down 17.4% year to date as of the close of trading on Monday. Mesabi Trust operates as grantor trust in the United States. It produces iron ore pellets. The company holds interests in various properties, including its interest as an assignor in the amended assignments of Peters Lease and Cloquet Lease, which together cover approximately 9,750 acres in St. The company has a P/E ratio of 13.3, equal to the average financial services industry P/E ratio and below the S&P 500 P/E ratio of 17.7.