CNBC's Jim Cramer on Thursday praised Morgan Stanley and Goldman Sachs, suggesting the financial giants are worth more than what they're currently trading for.

"These are not some episodic rollercoaster firms. They're solid, granite, tungsten, even," he said. "Yet they sell at multiples far lower than Colgate or Procter & Gamble…or just the average stock in the S&P 500. That's farcical."

Morgan Stanley and Goldman Sachs released quarterly reports Thursday and managed to impress Wall Street. Both banks' results were boosted by strength in wealth management. The companies each hit new 52-week highs, and Morgan Stanley finished up 5.78% while Godman Sachs added 4.63%.

Cramer reminisced about the early years of his career when he sought out a job at Goldman Sachs and was repeatedly rejected. He explained how he finally got hired after many arduous attempts to get his foot in the door. Cramer said he managed to receive an offer from Goldman Sachs after he impressed recruiters with his extensive knowledge of stocks — as well as a pending bid from peer Morgan Stanley.

Cramer said these banks have incredibly high standards — which means buyers should realize that their stocks are worth more than their current prices, even after Thursday's rallies.

Investment banks are "are finally starting to get their due," Cramer said, indicating the group's gains are set to continue.

"I'll tell you when it's too late to buy, but for now, we're definitely not there yet," he said.

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Disclaimer The CNBC Investing Club holds shares of Goldman Sachs.