More cash will find its way back to investors’ pockets today with Telstra Corporation Ltd (ASX: TLS) set to pay its interim dividend.

When it reported its interim earnings results in February, the telecommunications titan announced a fully franked dividend of 15.5 cents. It was a 3.3% improvement on the prior corresponding period (15 cents) thanks, in part, to a 0.8% increase in group earnings, but the same as the dividend paid in the period immediately prior.

In total, the telco will give away just under $1.9 billion. Of course, some of that will find its way back into Telstra’s own shares (particularly given its Dividend Reinvestment Plan), but a large portion of the proceeds could also be put towards the shares of other quality businesses trading on the ASX.

After all, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is still hovering below 5,100 points, compared to a high of nearly 6,000 around this time last year. Suncorp Group Ltd (ASX: SUN) will also distribute $386 million to eligible shareholders, with companies such as Wesfarmers Ltd (ASX: WES) and Coca-Cola Amatil Ltd (ASX: CCL) to follow up next week.

In total, more than $19 billion is expected to be distributed to investors this week and over the next few weeks as well.

Given the headwinds facing many of the blue chip shares, this could be great news for some of the lesser-known dividend payers, including the company recently named as The Motley Fool's top dividend stock for 2016. Not only are the shares cheap, the company is trading on a fat, fully franked dividend yield.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.