Heid's Ltd.'s stock price is $45 per share and the company expects to have earnings per share of $5.12 in the coming year. The company's current policy is to pay out all earnings as dividends. For the upcoming year the board is considering a cut in the dividend payout ratio to 67%. Assume Heid's ROE is 4.70%. If its required rate of return is unchanged, what would be its share price if they go ahead with the cut in dividend?

A) $55.98

B) $30.12

C) $34.91

D) $42.45

E) $38.74