NEW YORK ( TheStreet) -- The ex-dividend date for Progress Energy (NYSE: PGN) is tomorrow, May 16, 2012. Owners of shares as of market close today will be eligible for a dividend of 62 cents per share. At a price of $54.75 as of 9:30 a.m. ET, the dividend yield is 4.5%.

The average volume for Progress Energy has been 2.3 million shares per day over the past 30 days. Progress Energy has a market cap of $16.27 billion and is part of the utilities sector and utilities industry. Shares are down 2.1% year to date as of the close of trading on Monday.

Progress Energy, Inc., a utility holding company, engages in the generation, transmission, distribution, and sale of electricity in North Carolina, South Carolina, and Florida. The company has a P/E ratio of 30.5, above the average utilities industry P/E ratio of 30 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Progress Energy as a buy. Among the primary strengths of the company is its solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Progress Energy Ratings Report.

See our dividend calendar or top-yielding stocks list.

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