Here are key financial data for House of Herring, Incorporated:

Earnings per share for $2025$ $$6\mathrm{.}25$

Number of shares outstanding $41\mathrm{.}5$ million

Target payout ratio $40\%$

Planned dividend per share $$2\mathrm{.}50$

Stock price, year$-$end $2025$ $ $200$

House of Herring plans to pay the entire dividend early in January $2026.$ All corporate and personal taxes were repealed in $2026.$

a$.$ Other things equal, what will be House of Herring$$s stock price after the planned dividend payout?

Note: Round your answer to $2$ decimal places.

b$-1.$ Suppose the company cancels the dividend and announces that it will use the money saved to repurchase shares. Will the stock price change due to the announcement?

b$-2.$ Assume that investors learn nothing about the company$$s prospects from the announcement. How many shares will the company need to repurchase?

Note: Do not round intermediate calculations. Enter your answer in whole numbers not in millions. Round your answer to the nearest whole number.

Suppose that, instead of canceling the dividend, the company increases dividends to $$6\mathrm{.}25$ per share and then issues new shares to recoup the extra cash paid out as dividends. Again, assume investors learn nothing from the announcement about House of Herring$$s prospects.

c$-1.$ What happens to the with$-$dividend share price?

c$-2.$ What happens to the ex$-$dividend share price?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

c$-3.$ How many shares will need to be issued?

Note: Do not round intermediate calculations. Enter your answer in whole numbers not in millions. Round your answer to the nearest whole number.