NEW YORK -- Goldman, Sachs & Co. analyst Richard Strauss initiated coverage of Dime Bancorp with a "moderate outperform" rating.
Mr. Strauss pointed out that the company's agreement to merge with Anchor Bancorp will create the fourth-largest thrift in the nation.
In the New York metropolitan region the company will rank fourth behind Citicorp, Chase Manhattan Corp., and Chemical Banking Corp. in terms of household penetration.
More important, he said, "there are substantial synergies involved that mean large cost savings and a positive impact on earnings."
Mr. Strauss said he didn't place the stock on Goldman's recommended list because. the shares were trading "in line with other thrifts," at 122% of pro forma book value.
The analyst estimated Dime's operating earnings, excluding tax benefits for 1994, at 35 cents a share. It earned 93 cents a share in 1993, excluding accounting charges.