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Reinvest your Suncorp Group Ltd (ASX:SUN) dividend in these top ASX shares

Today eligible Suncorp Group Ltd (ASX: SUN) shareholders should have received the insurance giant’s final dividend of 48 cents per share in their nominated accounts.

While many shareholders may opt to use the company’s dividend reinvestment plan and others may use the funds as income to live from, some will no doubt be looking to reinvest the money back into the share market.

Here are three shares I would consider reinvesting these funds into:

Citadel Group Ltd (ASX: CGL)

Investors interested in putting these funds into small cap shares might want to consider Citadel Group. It is a growing software and services company which specialises in IT security and data management. One of its key offerings is the Citadel-IX cloud-based enterprise information management platform which allows users to securely access or transfer proprietary and sensitive information remotely. Its growing popularity underpinned Citadel’s 26% increase in net profit after tax to $19.4 million in FY 2018.

Dicker Data Ltd (ASX: DDR)

If you’re interested in turning these funds into even more dividends then I would suggest you take a look at Dicker Data. The computer software and hardware wholesale distributor is one of my favourite dividend shares on the local market due to its robust business model, growing earnings and dividend, and its generous yield. This year management intends to pay a full year fully franked dividend of 18 cents per share in quarterly instalments. This works out to be a yield of approximately 6%.

Super Retail Group Ltd (ASX: SUL)

Investors that are interested in a combination of growth and income might want to take a closer look at Super Retail. The retail conglomerate had a strong FY 2018 thanks to positive performances across the majority of its portfolio. It posted a 26% lift in net profit after tax to $128.3 million during the year. The good news is that management appears confident that FY 2019 will be similarly strong and advised that each of its businesses had achieved positive like for like sales growth during the first few weeks of the year. An added bonus is that its shares offer a trailing fully franked 5.6% dividend.

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You might not know this market leader's name, but it's rapidly expanding into a highly profitable niche market here in Australia. Even better, the shares boast a strong, fully franked dividend that should balloon in the years to come. In other words, we're looking at the holy grail of incredible long-term growth potential AND income you can watch accruing in your account in real time!

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia owns shares of Citadel Group Ltd and Super Retail Group Limited. 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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