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NEW YORK ( TheStreet) -- The ex-dividend date for Fred's (Nasdaq: FRED) is tomorrow, August 31, 2011. Owners of shares as of market close today will be eligible for a dividend of 5 cents per share. At a price of $11.15 as of 9:30 a.m. ET, the dividend yield is 1.9%. The average volume for Fred's has been 333,700 shares per day over the past 30 days. Fred's has a market cap of $425 million and is part of the services sector and retail industry. Shares are down 19.4% year to date as of the close of trading on Monday. Fred's, Inc. and its subsidiaries sell general merchandise through retail discount stores and pharmacies in the southeastern United States. The company has a P/E ratio of 13.8, equal to the average retail industry P/E ratio and below the S&P 500 P/E ratio of 17.7.