At some point today eligible Bank of Queensland Limited (ASX: BOQ) shareholders will be paid the regional bank's fully franked 34 cents per share interim dividend.
Whilst many shareholders will use these funds as a source of income or take advantage of the bank's dividend reinvestment plan, others may want to reinvest the funds back into the share market.
Here's where I would reinvest these funds:
CSL Limited (ASX: CSL)
I think that this global biotech giant could be a great place to invest these funds. CSL has been a consistently strong performer over the last decade and I believe it is well-positioned to replicate its success over the next decade. This is due to its growing plasma collection network, quality portfolio of products, lucrative pipeline, and high level of investment in research and development.
REA Group Limited (ASX: REA)
Another option to consider investing the funds into is this property listings company. I have been very impressed at the resilience of the REA Group business model and its ability to deliver strong profit growth even when the housing market was going through its downturn. The good news is that the housing market appears to be improving, which I suspect could lead to an acceleration in REA Group's earnings growth over the medium term.
Telstra Corporation Ltd (ASX: TLS)
If you're on the lookout for even more dividends then I think it could be worth considering this telco giant. Earlier this year the company cut its interim dividend to 8 cents per share. If it does the same to its final dividend (which I expect it will), it will mean a fully franked full year dividend of 16 cents per share. This equates to a yield of approximately 4.5% based on its current share price. I think this makes it a good option for income investors, especially given its improving outlook.
