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  • The Boston Globe OnlineBoston.com Boston Globe Online / Business / Globe 100
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    OVERALL PERFORMANCE
    6. DeWolfe Cos.

    By Lynnley Browning, Globe Staff, 05/18/99

    Richard DeWolfe, chief executive of Lexington- based DeWolfe Cos. (Globe Photo / Bill Greene)

    anks aren't the only concerns pursuing growth through acquisitions and a one-stop shopping approach.

    Take DeWolfe.

    New England's largest residential real estate company has seen its profits soar as it has snapped up regional competitors and built an array of home ownership services ranging from property purchase and mortgage banking to relocation and insurance.

    With offices across Massachusetts, Maine, New Hampshire, Rhode Island, and Connecticut, the Lexington-based company is focused on one of the nation's more affluent regional markets.

    Of course, the underpinnings of DeWolfe's success are a booming economy and a tight real estate market, which have pushed property prices to record levels.

    Those two foundations helped the nation's only publicly traded home ownership company boost 1998 revenues last year by 31 percent, to $135.4 million.

    DeWolfe, which had sales of $4 billion in 1998, expects its New England market share to triple this year to 9 percent.

    So with all the good news, why hasn't DeWolfe's stock price done better?

    After a 22 percent gain in 1998, shares in the company have been flat this year despite a stock market at record highs.

    While DeWolfe is too small to be covered by Wall Street analysts, industry observers suggest that investors may not be convinced the company can meet its ambitious targets.

    This story ran on page D10 of the Boston Globe on 05/18/99.
    © Copyright 1999 Globe Newspaper Company.

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