TYG Ltd.'s stock price is $46 per share and the company expects to have earnings per share of $3.08 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 65%. Assume TYG's ROE is 6.70%. If its required rate of return is unchanged, what would be its share price if they go ahead with the cut in dividend?