OXE Corporation has an earnings per share of $7 and share price of $54. OXE decides to cut its next dividend from $7 to $3.25 per share and maintain the same new dividend payout rate. Assume that the new dividend policy does not affect the equity cost of capital. OXE's return on equity is 12%. What is the expected share price as a consequence of this decision? $58.33 $43.98 $125.64 $25.07 $43.97