Later today eligible shareholders of National Australia Bank Ltd (ASX: NAB) will be paid the banking giant's interim dividend of 99 cents per share.
While some shareholders may use this as a source of income to live from, others may wish to reinvest it back into the market.
Here are three shares that I would consider investing this dividend into:
A2 Milk Company Ltd (ASX: A2M)
Investors interested in growth shares may want to consider this infant formula and dairy company. Its shares have come under pressure recently after its full-year sales guidance came in a little softer than expected, but there's no denying that its sales growth is still explosive. I think the selloff has brought its shares down to a level that is attractive for investors willing to make a patient buy and hold investment.
Cochlear Limited (ASX: COH)
Another great buy and hold investment option could be this leading hearing solutions company. Although its shares are a little on the expensive side and carry a fair bit of risk, I remain confident that Cochlear is positioned perfectly to deliver solid earnings growth over the next decade that justifies the premium. This is because the company is a leader in a fast-growing hearing solutions market and likely to benefit greatly from ageing populations across the globe.
Rural Funds Group (ASX: RFF)
Any NAB shareholders in search of more dividends might want to consider Rural Funds. It is a real estate investment trust with a focus on agricultural assets. I'm a fan of the company's diverse asset base and the lengthy tenancy agreements it has in place. With an average of 12.5 years to run, I believe this provides great visibility on its future earnings and dividend. At present its shares provide a trailing yield of 4.9%.
