Why the Australia and New Zealand Banking Group (ASX:ANZ) share price is sinking lower

The Australia and New Zealand Banking Group (ASX:ANZ) share price is sinking lower on Monday. Here's why…

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The Australia and New Zealand Banking Group (ASX: ANZ) share price is one of the worst performers on the ASX 200 on Monday.

In morning trade the banking giant's shares are down 3.6% to $26.15.

Why are ANZ Bank's shares sinking lower?

While general weakness in the share market has weighed on the banks today, the majority of ANZ Bank's share price decline can be attributed to its shares going ex-dividend this morning for its final 80 cents per share fully franked dividend.

Eligible shareholders can now look forward to receiving this dividend in their nominated accounts on December 18.

Where could you reinvest this dividend?

While some shareholders may be planning to take advantage of the bank's dividend reinvestment plan or use the funds for general living expenses, others may wish to reinvest the money back into the share market.

Investors that are looking for more income might want to consider National Storage REIT (ASX: NSR). This self storage giant has been growing at a solid rate over the last few years thanks to increasing demand and its growth through acquisition strategy.

The good news is that the trust recently raised a considerable sum of money to fund further acquisitions and bolster its growth over the medium term. I expect this to lead to further increases in its earnings and distributions. At present National Storage units offer a trailing fully franked 5.5% yield.

If you have enough income and instead want to pick up a growth share then I think Aristocrat Leisure Limited (ASX: ALL) could be a great option.

I believe this gaming technology has strong long term growth potential due to its exposure to the rapidly growing mobile and social gaming markets.

Another bonus is that unlike many of its tech peers such as Altium Limited (ASX: ALU) and WiseTech Global Ltd (ASX: WTC), its shares trade at a reasonable price. Based on Goldman Sachs' forecast for earnings per share of $1.50 in FY 2019, its shares are changing hands at just 18x forward earnings. At this level I think Aristocrat Leisure's offer a compelling risk/reward.

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