This morning the Westpac Banking Corp (ASX: WBC) interim dividend landed into shareholders' bank accounts.
While some investors will use this dividend as a source of income to live from, others may wish to reinvest it into the market again.
Here's where I would consider reinvesting my Westpac dividend:
Domino's Pizza Enterprises Ltd. (ASX: DMP)
If you want to reinvest the funds into a growth share, then Domino's would be top of my list right now. Due to a sharp fall in its share price over the last 12 months, its shares are changing hands at approximately 35x annualised earnings. Considering its strong growth prospects I believe this is a rare opportunity to buy its shares at a great price.
GetSwift Ltd (ASX: GSW)
Investors looking to invest their Westpac dividend in small-cap shares could do a lot worse than this fledgling logistics platform provider. The cash-rich and debt-free GetSwift recently raised capital with a significantly oversubscribed placement. These funds will be used to accelerate its growth and expand into other lucrative verticals.
Telstra Corporation Ltd (ASX: TLS)
Investors that can't get enough of dividends might want to consider this telco giant. At present Telstra's shares provide a trailing fully franked 7.1% dividend. Whilst there are concerns that competitive pressures may result in a dividend cut, I remain confident that the company's cost-cutting program and dominant market position will actually allow it to grow its dividend over the next few years.
