Later today eligible shareholders of mining giant Rio Tinto Limited (ASX: RIO) will be paid its final and special dividends.
Rio Tinto is paying shareholders a fully franked final dividend of $2.51 per share and a fully franked special dividend of $3.39 per share.
Whilst some shareholders are likely to take advantage of the company's dividend reinvestment plan or use the funds as a source of income, others will no doubt look to reinvest these dividends back into the share market.
Here's where I would reinvest my Rio Tinto dividends:
Australia and New Zealand Banking Group (ASX: ANZ)
If you're searching for even more dividends then it could be worth looking at one of the big four banks. Although trading conditions in the industry remain tough, things will inevitably improve in the coming years. My preferred pick at the moment is ANZ due to its strong capital position and cost cutting opportunities. The former could allow the bank to undertake capital management initiatives such as share buybacks or special dividends. At present its shares offer a trailing 6% dividend yield.
Appen Ltd (ASX: APX)
Investors interested in growth shares might want to consider this global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. With management expecting the artificial intelligence market to grow to be worth up to US$191 billion by 2025, I believe Appen is well-positioned to continue its meteoric growth for many years to come.
National Storage REIT (ASX: NSR)
If you want more dividends but aren't keen on the banks then check out this self-storage owner-operator. It is one of the largest in the ANZ region with a total of 146 storage centres. Thanks to a combination of organic and inorganic growth, I believe National Storage can continue to grow its distribution at a solid rate over the next decade. In FY 2019 the REIT plans to pay a full year distribution of 9.6 cents to 9.9 cents per unit, which equates to a yield of between 5.5% to 5.7%.
