Yesterday the shares of Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) went ex-dividend, which means shareholders that owned their shares prior to yesterday’s market open can now look forward to a generous payout in December.

ANZ will pay a fully franked 80 cents per share final dividend and Westpac will pay a fully franked 94 cents per share.

Whilst some income investors will live off these dividends, others may wish to reinvest them in the market. These three shares are where I would reinvest these dividends:

Mayne Pharma Group Ltd (ASX: MYX)

Mayne Pharma is an Adelaide-based pharmaceutical company with extremely strong growth ahead of it in my opinion. On top of its existing drugs, the company has a pipeline of generic drugs with estimated annual sales potential in the US market of greater than US$7 billion. Whilst it is currently being investigated by the US Department of Justice regarding price-fixing, management doesn’t believe any penalties imposed will be material to earnings.

Webjet Limited (ASX: WEB)

With Webjet’s shares down around 16% in the last 30 days, this incredible growth share is starting to look like a bargain in my opinion. Concerns over short term weakness in the travel industry appear to be the cause of the online travel agent’s drop. But in the medium term I believe that things will return to normal. This makes now an opportune time to buy. Especially because as more consumers switch to online travel bookings, Webjet stands to benefit greatly.

WiseTech Global Ltd (ASX: WTC)

I believe this cloud-based supply chain management software provider could be a fantastic buy and hold investment. WiseTech Global has over 6,000 customers using its software, including some of the world’s largest logistics companies. This strong demand led the company to upgrade its full year guidance in August. Management now expects EBITDA in the region of $50 million to $53 million in FY 2017, which will be approximately 59% to 68% higher year on year.

Finally if you're looking at reinvesting for more income then I would highly recommend this top dividend share. A strong yield and potential share price gains make this a great investment idea in my opinion.

Our Top Dividend Stock for Smart Investors

Our resident dividend expert names his Top Dividend Share. Not only are the shares dirt cheap, the company is trading on a fat fully franked dividend yield. Simply click here to gain access to this comprehensive FREE investment report, including the name of this fast growing ASX dividend share. No credit card required!

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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.