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NEW YORK ( TheStreet) -- The ex-dividend date for Colony Financial (NYSE: CLNY) is tomorrow, March 28, 2012. Owners of shares as of market close today will be eligible for a dividend of 34 cents per share. At a price of $16.82 as of 9:30 a.m. ET, the dividend yield is 8.1%. The average volume for Colony Financial has been 191,700 shares per day over the past 30 days. Colony Financial has a market cap of $547.5 million and is part of the financial sector and real estate industry. Shares are up 7.3% year to date as of the close of trading on Monday. Colony Financial, Inc., a real estate finance company, focuses on acquiring, originating, and managing commercial mortgage loans and other commercial real estate-related debt investments. The company qualifies as a real estate investment trust for federal income tax purposes. The company has a P/E ratio of 11.5, above the average real estate industry P/E ratio of 10.6 and below the S&P 500 P/E ratio of 17.7.