Where to invest your Australia and New Zealand Banking Group (ASX:ANZ) dividend?

Here's where I would invest the next Australia and New Zealand Banking Group (ASX:ANZ) dividend…

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The Australia and New Zealand Banking Group (ASX: ANZ) share price has started the week with a day in the red. In afternoon trade the banking giant's shares are down 2.2% to $27.54.

This decline is entirely attributable to ANZ Bank's shares going ex-dividend for its 80 cents per share interim dividend this morning.

Eligible shareholders will receive this pay out in their nominated accounts on July 2.

While there is still around six weeks until this dividend will reach shareholders, now could be an opportune time to consider where to reinvest these funds when you receive them.

If you don't plan to use ANZ Bank's divestment reinvestment plan or use the funds as a source of income, I would suggest you look at putting it into one of these three shares:

Aristocrat Leisure Limited (ASX: ALL)

If you like growth shares then I think an investment in this gaming technology company could be a great option. I believe the company is capable of achieving above-average earnings growth for the foreseeable future thanks to its strong core pokie machine business and its fast-growing mobile and social gaming business.

National Storage REIT (ASX: NSR)

Investors looking for more income may want to consider this storage specialist. Thanks partly to population growth and baby boomers downsizing, demand for storage services has been growing strongly. The positive impact this has had on its earnings means that the company plans to pay a distribution of between 9.6 cents and 10 cents per share in FY 2018. This equates to a forward yield of approximately 6.1%.

Macquarie Telecom Group Ltd. (ASX: MAQ)

Finally, investors on the lookout for a mixture of growth and income might want to take a look at Macquarie Telecom. The main attraction to the company for me is its fast-growing data centre business. I believe this still has significant growth left in the tank, which could lead to strong earnings and dividend growth. Macquarie Telecom's shares currently offer investors a trailing fully franked 2.7% dividend.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended National Storage REIT. 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 Scott Phillips.

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