Later today eligible shareholders of National Australia Bank Ltd (ASX: NAB) will be paid the banking giant's 83 cents per share interim dividend.
Whilst some investors will be using this dividend as a source of income in this low interest rate environment, others may looks to invest the funds back into the share market.
Three shares that I would consider investing the money into are listed below:
Aventus Group (ASX: AVN)
If you're interested in earning more income, then it could be worth considering this owner, manager, and developer of retail parks in Australia. It owns a total of 20 retail parks across the country and averaged an occupancy rate of 98.5% in the first half of FY 2019. I believe this high occupancy rate and periodic rent increases have put Aventus in a solid position to grow both its FFO and distribution at a modest rate over the coming years. Its units currently offer a trailing 7% distribution yield.
Super Retail Group Ltd (ASX: SUL)
I think Super Retail is a great option for investors in search of value and income. Super Retail is the company behind the likes of automotive retailer Supercheap Auto, sports store Rebel, and adventure retailer Macpac. It has defied tough retail conditions and performed very well in FY 2019. And thanks to improving consumer sentiment due to tax cuts and the potential rebound in the housing market, I'm confident there will be more of the same in FY 2020. Super Retail's shares currently offer a trailing fully franked 5.6% dividend yield.
Xero Limited (ASX: XRO)
If you're interested in putting the dividends into growth shares then I think this cloud-based business and accounting software provider would be a great option. Xero has been growing at a very strong rate over the last few years thanks to the quality of its product and the shift to online accounting. Pleasingly, despite its sizeable number of subscribers, there is still a material global market opportunity which provides Xero with a significant runway for growth over the next decade.