This morning insurance giant Suncorp Group Ltd (ASX: SUN) paid out approximately $383 million to its shareholders in the form of a 33 cents per share fully franked interim dividend.
Whilst many investors will no doubt use this generous yield as a source of income to live off of, some investors will be looking to plough it straight back into the market.
Here's where I would invest these funds today:
BWX Ltd (ASX: BWX)
I think the company behind the Sukin skincare brand would be a great option for investors looking to reinvest their dividends into growth shares. After its huge success in the Australian market, BWX is now focused on making a success of its international expansion. The Sukin range is now stocked in leading pharmacies throughout the United Kingdom and has a growing presence online in the massive China market. I believe BWX has significant growth potential, making it a strong buy today in my eyes.
Retail Food Group Limited (ASX: RFG)
Investors looking for more income could do a lot worse than Retail Food Group. The master franchisor of popular brands such as Gloria Jean's and Donut King would have to be one of my favourite dividend shares on the market. One key reason for this is its history of dividend increases. In the last decade the company has increased its dividend each year and looks set to do so again this year. With its international expansion gathering pace, I feel it could be a great buy and hold investment option.
Vocus Group Ltd (ASX: VOC)
With a trailing fully franked 3.3% dividend and management forecasting underlying operating profit guidance of between $430 million and $450 million, I believe this fast-growing telco company could provide investors with the perfect combination of growth and income. With its shares down 31% in the last six months, I feel Vocus could be a bit of a bargain at just over 16x trailing earnings. Especially if the company can continue to increase its NBN market share. In its recent half-year report the company advised that its market share increased from 6.4% to 7.8%.
