SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

----------

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2004

WESTWOOD HOLDINGS GROUP, INC.
(Exact name of registrant as specified in charter)

Delaware                  001-31234                 75-2969997
(State or other jurisdiction       (Commission               (IRS Employer
of incorporation)             File Number)            Identification No.)

200 Crescent Court, Suite 1200
Dallas, Texas 75201
(Address of principal executive offices)

(214) 756-6900
(Registrant's telephone number, including area code)

ITEM 7. EXHIBITS

(c)   Exhibits: The following exhibit is furnished with this report:

Exhibit Number                    Description

99.1        Press Release dated July 27, 2004, entitled "Westwood Holdings
Group, Inc. Announces 100% Increase in Quarterly Dividend, a Special
Cash Dividend of $0.75 per Share and Second Quarter 2004 Results"

ITEM 9. REGULATION FD DISCLOSURE / RESULTS OF OPERATIONS AND FINANCIAL CONDITION

In accordance with Securities and Exchange Commission Release No. 34-47583, the
following information, which is being furnished pursuant to the requirements of
Item 12, "Results of Operations and Financial Condition," is being reported
under Item 9, "Regulation FD Disclosure."

On July 27, 2004, Westwood Holdings Group, Inc. issued a press release entitled
"Westwood Holdings Group, Inc. Announces 100% Increase in Quarterly Dividend, a
Special Cash Dividend of $0.75 per Share and Second Quarter 2004 Results," a
copy of which is furnished with this Current Report on Form 8-K as Exhibit 99.1.
The information in this Current Report on Form 8-K shall not be deemed to be
"filed" for the purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, or otherwise subject to the liabilities of that Section, nor shall
it be deemed incorporated by reference in any filing of the Company under the
Securities Act of 1933, as amended.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date: July 27, 2004

WESTWOOD HOLDINGS GROUP, INC.

By:  /s/  Brian O. Casey
-------------------------------------
Brian O. Casey,
President and Chief Operating Officer

EXHIBIT INDEX

Exhibit Number          Description
--------------          -----------

99.1          Press release dated July 27, 2004, entitled "Westwood
Holdings Group, Inc. Announces 100% Increase in
Quarterly Dividend, a Special Cash Dividend of $0.75 per
Share and Second Quarter 2004 Results"

Exhibit 99.1

Westwood Holdings Group, Inc. Announces 100% Increase in Quarterly Dividend, a
Special Cash Dividend of $0.75 Per Share and Second Quarter 2004 Results

DALLAS, July 27 /PRNewswire-FirstCall/ -- Westwood Holdings Group, Inc. 
(NYSE: WHG) today announced that its Board of Directors has approved the 
payment of a quarterly cash dividend of $0.08 per common share, an increase of 
100% from the previous quarterly dividend of $0.04 per share.  The Board has 
also approved the payment of a special cash dividend of $0.75 per share.  Both 
the quarterly and special dividends will be payable on October 1, 2004 to 
stockholders of record on September 15, 2004. 

Westwood also today reported 2004 second quarter revenues of $4.9 million, 
net income of $988,000, and earnings per diluted share of $0.18.  This 
compares to revenues of $5.1 million, net income of $1.2 million and earnings 
per diluted share of $0.22 in the second quarter of 2003.  For the six months 
ended June 30, 2004, Westwood reported revenues of $10.0 million and net 
income of $2.1 million, or $0.39 per diluted share, compared to revenues of 
$10.1 million and net income of $2.4 million, or $0.45 per diluted share, for 
the same 2003 period. 

Total expenses for the 2004 second quarter were $3.3 million compared to 
$3.1 million for the 2003 second quarter, and were $6.6 million for the six 
months ended June 30, 2004 compared to $6.2 million for the six months ended 
June 30, 2003.  Westwood recognized non-cash expenses for restricted stock of 
approximately $200,000 and $400,000 for the second quarter 2004 and the six 
months ended June 30, 2004, respectively. 

Assets under management were $3.8 billion as of June 30, 2004, a decrease 
of 11.4% compared to $4.3 billion on June 30, 2003.  Average assets under 
management for the second quarter of 2004 were $3.9 billion, a decrease of 
5.3% compared with the second quarter of 2003.  The decrease in period ending 
assets under management compared to the prior year period was principally 
attributable to the withdrawal of assets by certain clients, partially offset 
by market appreciation of assets under management. 

Susan M. Byrne, Westwood's founder and Chief Executive Officer commented, 
"We continue to invest in our people and products, positioning Westwood for 
future growth, but we can now also return excess capital to our stockholders 
in the form of a special dividend and increased quarterly dividend.  After the 
payment of our next quarterly dividend and the special dividend in October 
2004, we will have returned $12.2 million in cash to our stockholders since 
July 1, 2002, our first day as a public company." 

About Westwood 

Westwood Holdings Group, Inc. manages investment assets and provides 
services for its clients through two subsidiaries, Westwood Management Corp. 
and Westwood Trust.  Westwood Management Corp. is a registered investment 
advisor and provides investment advisory services to corporate pension funds, 
public retirement plans, endowments and foundations, mutual funds and clients 
of Westwood Trust.  Westwood Trust provides, to institutions and high net 
worth individuals, trust and custodial services and participation in common 
trust funds that it sponsors.  Westwood Holdings Group, Inc. trades on the New 
York Stock Exchange under the symbol "WHG".  For more information, please 
visit the Company's website at http://www.westwoodgroup.com . 

Note on Forward-looking Statements 

Statements that are not purely historical facts, including statements 
about anticipated or expected future revenue and earnings growth and 
profitability, as well as other statements including words such as 
"anticipate," "believe," "plan," "estimate," "expect," "intend," "should," 
"could," "goal," "target," "designed," "on track," "continue," "comfortable 
with," "optimistic," "look forward to" and other similar expressions, 
constitute forward-looking statements within the meaning of Section 27A of the 
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange 
Act of 1934, as amended.  These forward-looking statements are subject to 
known and unknown risks, uncertainties and other factors, which may cause 
actual results to be materially different from those contemplated by the 
forward-looking statements.  Such factors include the risks and uncertainties 
referenced in our documents filed with, or furnished to, the Securities and 
Exchange Commission, including without limitation those identified under the 
caption "Forward-Looking Statements and Risk Factors" in the Company's Annual 
Report on Form 10-K filed with the Securities and Exchange Commission.  We 
undertake no obligation to publicly update or revise any forward-looking 
statements, whether as a result of new information, future events or 
otherwise.  Readers are cautioned not to place undue reliance on forward- 
looking statements. 

WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF INCOME 
(in thousands, except per share amounts) 
(unaudited) 

Three months ended     Six months ended 
June 30,              June 30, 
2004       2003       2004       2003 
REVENUES: 
Advisory fees                   $3,249     $3,693     $6,669     $7,313 
Trust fees                       1,442      1,071      2,894      2,210 
Other revenues                     249        306        420        559 
Total revenues                 4,940      5,070      9,983     10,082 

EXPENSES: 
Employee compensation 
and benefits                    2,347      2,202      4,684      4,321 
Sales and marketing                148        178        248        321 
Information technology             160        208        332        383 
Professional services              247        159        471        418 
General and administrative         439        363        820        712 
Total expenses                 3,341      3,110      6,555      6,155 
Income before income taxes         1,599      1,960      3,428      3,927 
Provision for income tax expense     611        761      1,323      1,478 
Net income                          $988     $1,199     $2,105     $2,449 

Earnings per share: 
Basic                            $0.18      $0.22      $0.39      $0.45 
Diluted                          $0.18      $0.22      $0.39      $0.45 

WESTWOOD HOLDINGS GROUP, INC. AND SUBSIDIARIES 

CONSOLIDATED BALANCE SHEETS 
As of June 30, 2004 and December 31, 2003 
(in thousands, except par values and share amounts) 
(unaudited) 

June 30,     December 31, 
2004          2003 
ASSETS 
Current Assets: 
Cash and cash equivalents                  $1,025        $3,643 
Accounts receivable                         2,199         1,931 
Investments, at market value               20,260        17,413 
Total current assets                     23,484        22,987 
Goodwill                                    2,302         2,302 
Prepaid income taxes                           86           --- 
Other assets, net                           2,469           948 
Total assets                            $28,341       $26,237 

LIABILITIES AND STOCKHOLDERS' EQUITY 
Current Liabilities: 
Accounts payable and accrued liabilities   $1,722          $935 
Dividends payable                             222           167 
Compensation and benefits payable           1,539         2,776 
Income taxes payable                          ---           472 
Total current liabilities                 3,483         4,350 
Other liabilities                             810            34 
Total liabilities                         4,293         4,384 
Stockholders' Equity: 
Common stock, $0.01 par value, authorized 
10,000,000 shares, issued 5,549,472 and 
outstanding 5,549,170 shares at 
June 30, 2004, issued 5,550,472 and 
outstanding 5,550,119 shares at 
December 31, 2003                             55            56 
Additional paid-in capital                 13,061        12,952 
Treasury stock, at cost - 302 shares 
at June 30, 2004 and 353 shares at 
December 31, 2003                             (5)           (6) 
Unamortized stock compensation             (2,184)       (2,609) 
Retained earnings                          13,121        11,460 
Total stockholders' equity               24,048        21,853 
Total liabilities and stockholders' equity  $28,341       $26,237 

CONTACT: 
Investor Relations 
214-756-6900 

SOURCE  Westwood Holdings Group, Inc. 
-0-                             07/27/2004 
/CONTACT:  Bill Hardcastle of Westwood Holdings Group, Inc., 
+1-214-756-6900/ 
/Web site:  http://www.westwoodgroup.com / 
(WHG) 

CO:  Westwood Holdings Group, Inc. 
ST:  Texas 
IN:  FIN 
SU:  ERN DIV