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NEW YORK ( TheStreet) -- The ex-dividend date for AvalonBay Communities (NYSE: AVB) is tomorrow, March 28, 2012. Owners of shares as of market close today will be eligible for a dividend of 97 cents per share. At a price of $138.87 as of 9:34 a.m. ET, the dividend yield is 2.8%. The average volume for AvalonBay has been 743,800 shares per day over the past 30 days. AvalonBay has a market cap of $12.47 billion and is part of the financial sector and real estate industry. Shares are up 6.3% year to date as of the close of trading on Monday. AvalonBay Communities, Inc. engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. The company has a P/E ratio of 74.5, below the average real estate industry P/E ratio of 80 and above the S&P 500 P/E ratio of 17.7.