Now Surf & Turfs CFO announces a switch from repurchases to a regular cash dividend. Next years dividend will be $4.30 per share. The CFO reassures investors that the company will continue to pay out 50% of earnings and reinvest 50%. All future payouts will come as dividends, however. What would you expect to happen to Surf & Turfs stock price? Ignore taxes.

The price will be: ?

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