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October 27 , 2021 W Westwood® Westwood Holdings Group , Inc. Reports Third Quarter 2021 Results Strong performance delivered across multiple products Increased regular quarterly dividend and repurchased stock DALLAS , Oct. 27 , 2021 ( GLOBE NEWSWIRE ) -- Westwood Holdings Group , Inc. ( NYSE : WHG ) today reported third quarter 2021 earnings . Significant items include : ■ Improved revenues of $ 17.9 million vs. the second quarter's $ 17.5 million and $ 15.5 million a year ago . ■ Higher net income of $ 1.9 million vs. the second quarter's $ 1.0 million and vs. a $ 10.3 million net loss in last year's third quarter . ■ Our LargeCap Value , SmidCap , AllCap Value and Alternative Income strategies all beat their primary benchmarks for the quarter . ■ In peer rankings , Alternative Income and SmidCap achieved top quintile rankings , and AllCap Value achieved a top third ranking . ■ Westwood held $ 76.6 million in cash and short - term investments as of September 30 , 2021 , down $ 15.7 million from the second quarter after a special dividend payment of $ 2.50 per common share , or $ 20.8 million , was paid in August . ■ Stockholders ' equity was $ 115.7 million as of September 30 , 2021 and we continue to have no debt . ■ Non - GAAP economic earnings of $ 3.7 million compared favorably with the second quarter's $ 2.8 million and a loss of $ 1.7 million a year ago . ■ We declared a cash dividend of $ 0.15 per common share , payable on January 3 , 2022 to stockholders of record on December 3 , 2021 . Brian Casey , Westwood's President and CEO , commented , " This was a quarter in which we made progress across a variety of fronts . We successfully deployed the terrific mandates won by our institutional team earlier in the year and our solid performance story continued to unfold as US Value and Multi - Asset turned in good performances versus benchmarks and peer universes . As the quarter drew to a close , we launched two new mutual funds and rolled out a new client portal to provide our Wealth clients with world - class access to their investments . I'm pleased to report that our financial performance also reflected the improving business environment and , after a special dividend of $ 2.50 per share was paid in August , the board decided to increase our regular quarterly dividend to $ 0.15 per share . That action , together with our stock repurchase program , underscore our commitment to protect and enhance shareowner value while continuing to invest in our people , products and processes to generate healthy organic growth for Westwood in the months and years ahead . " Revenues were comparable to the second quarter and higher than last year's third quarter reflecting higher average assets under management ( " AUM " ) , partially offset by lower performance fees . AUM of $ 13.8 billion decreased from $ 14.4 billion at June 30 , 2021 , primarily due to net outflows and market depreciation . Third quarter net income of $ 1.9 million exceeded the second quarter's $ 1.0 million due to the combination of somewhat higher revenues and lower operating expenses . Diluted earnings per share ( " EPS " ) of $ 0.24 compared with $ 0.12 for the second quarter . Non - GAAP economic earnings of $ 3.7 million , or $ 0.47 per share , compared with economic earnings of $ 2.8 million , or $ 0.35 per share , in the second quarter . Third quarter net income of $ 1.9 million compared favorably with last year's third quarter net loss of $ 10.3 million primarily due to higher revenues on higher average AUM and several non - recurring items impacting the prior third quarter . Diluted EPS of $ 0.24 compared with a loss of $ 1.31 per share for last year's third quarter . Non - GAAP economic earnings were $ 3.7 million , or $ 0.47 per share , compared with economic losses of $ 1.7 million , or $ 0.22 per share , for the third quarter of 2020 . Economic earnings ( loss ) and Economic EPS are non - GAAP performance measures and are explained and reconciled with the most comparable GAAP numbers in the attached tables .