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NEW YORK ( TheStreet) -- The ex-dividend date for Fred's (Nasdaq: FRED) is tomorrow, February 28, 2012. Owners of shares as of market close today will be eligible for a dividend of 6 cents per share. At a price of $14.07 as of 9:30 a.m. ET, the dividend yield is 1.7%. The average volume for Fred's has been 288,200 shares per day over the past 30 days. Fred's has a market cap of $550 million and is part of the services sector and retail industry. Shares are down 3.7% year to date as of the close of trading on Friday. 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 17.7, below the average retail industry P/E ratio of 18.1 and equal to the S&P 500 P/E ratio of 17.7.