Later today the Westpac Banking Corp (ASX: WBC) dividend will be paid to eligible shareholders.
While this final 94 cents per share dividend may be used by some shareholders as a source of income, I'm sure many other shareholders will be looking to reinvest the funds back into the share market.
Here are a few quality options for these funds:
Accent Group Ltd (ASX: AX1)
If you want even more dividends then this footwear retailer could be a great option, especially after its recent trading update revealed that it is in a great position to grow its dividend this year. In its update management advised that the first 20 weeks of FY 2019 have been far stronger than expected, leading to first half EBITDA growth guidance in the range of 15% to 20%. Accent Group's dividend currently provides investors with a trailing fully franked 5.6% yield.
Altium Limited (ASX: ALU)
Investors that are interested in putting these funds into growth shares might want to consider Altium. It provides an award-winning PCB design software that I expect to experience a strong increase in demand over the coming years thanks to the Internet of Things boom. Management certainly agrees with this and is aiming to achieve market leadership in PCB design by 2020. It also expects its revenue to increase to at least US$200 million by then, up from US$140 million in FY 2018.
Kogan.com Ltd (ASX: KGN)
Those looking for a combination of growth and income could take a closer look at this ecommerce company. While FY 2018 has got off to a disappointing start, I feel the selloff that has ensued has pulled its shares down to an attractive level. The selloff also means that its shares offer a trailing fully franked 3.9% dividend now. If the company can return to form in the second half of FY 2019, then this dividend could potentially grow at solid rate.
