This morning the National Australia Bank Ltd (ASX: NAB) share price has tumbled lower after its shares went ex-dividend for the bank's fully franked 99 cents per share final dividend.
Eligible shareholders can now look forward to receiving this dividend in their accounts on December 13.
While some investors may use this pay-out as a source of income or to fund Christmas purchases, others may wish to reinvest it back into the market.
Here's where I would consider reinvesting my National Australia Bank dividend:
BWX Ltd (ASX: BWX)
Investors looking to reinvest these funds into growth shares could do a lot worse than this personal care company. The company behind the increasingly popular Sukin skincare brand has been growing its presence globally over the last couple of years through acquisitions and expansions. I believe this has put it in a position to deliver above-average earnings growth for the foreseeable future. Its shares may not be cheap, but I believe it offers a compelling risk/reward to investors willing to make a buy and hold investment.
Super Retail Group Ltd (ASX: SUL)
If you're looking for more dividends then I think the retailer behind the Super Cheap Auto and Rebel Sports brands could be a great option. At present its shares provide investors with a trailing fully franked 5.9% dividend. Not only is this bigger than a lot of the dividends on offer from the banks, but I believe it has the potential to grow at a solid rate in the future. I've been impressed with the strong start to the year that Super Retail has had and believe its shares are dirt cheap at just 11x trailing earnings.
