Minerva Advisors LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Minerva Advisors LLC reported 59 stock positions worth $163.3 million. Its top holding was Universal Stainless & Alloy (USAP) at 10.6% of the portfolio, followed by Eastern (EML, 10.0%) and Virco MFG (VIRC, 7.5%). Compared with Q4 2023, it opened 1 new position, sold out of 1, added to 9 and reduced 9. The biggest buy was Tredegar (TG, shares +9%) and the biggest sale Ceco Environmental (CECO, shares −46%).

Most Recent 13F
Q2 2026
Location
BALA CYNWYD, PA
CIK
0001541536
Portfolio Value
$163.3M (Q1 2024)
SEC Filing
0001462390-24-000039 ↗ filed May 14, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $163.3M $163.3M Q1 2024 Q2 2024: $150.0M Q2 2024 Q3 2024: $172.6M Q3 2024 Q4 2024: $171.0M Q4 2024 Q1 2025: $140.7M Q1 2025 Q2 2025: $152.6M Q2 2025 Q3 2025: $157.5M Q3 2025 Q4 2025: $149.7M Q4 2025 Q1 2026: $154.9M Q1 2026 Q2 2026: $158.3M Q2 2026

Holdings 59 stocks · $163.3M
USAP Universal Stainless & Alloy 10.58% 772,845 $17.3M Reduce -0.4%
EML The Eastern Co. 10.03% 488,594 $16.4M Reduce -0.6%
VIRC Virco MFG Corporation 7.50% 1,122,101 $12.3M Add +2.3%
GLDD Great Lakes Dredge & Dock Co. 7.02% 1,312,143 $11.5M Add +2.8%
TG Tredegar Corp. 5.97% 1,494,861 $9.7M Add +9.4%
ATRO Astronics Corp. 5.39% 463,105 $8.8M No change
ESCA Escalade Inc. 4.47% 537,814 $7.3M No change
INFU Infusystem Holdings Inc. 4.45% 846,851 $7.3M No change
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP 4.07% 505,581 $6.7M No change
SGA Saga Communications Inc. Class A 3.18% 233,041 $5.2M No change
NVGS Navigator Holdings Ltd. 3.13% 332,612 $5.1M Reduce -3.5%
THRY Thryv Holdings Inc. 3.05% 224,829 $5.0M No change
KEQU Kewaunee Scientific CP 2.99% 144,582 $4.9M Reduce -17.1%
UFI Unifi Inc. 2.13% 581,993 $3.5M Add +95.6%
PBHC Pathfinder Bancorp Inc. 1.95% 262,204 $3.2M Add +2.2%
RAIL Freightcar America Inc. 1.84% 786,412 $3.0M Add +0.1%
CAC Camden National Corp. 1.83% 89,568 $3.0M No change
SSP Ew Scripps Co./the-A filed as SCRIPPS E W CO OHIO 1.71% 713,079 $2.8M Add +12.7%
CRD.B Crawford & Co. Class B 1.51% 272,234 $2.5M Add +1.9%
SCX Starrett (l.s.) Co. Class A 1.43% 68,737 $2.3M Reduce -6.1%
FSTR Foster (lb) Co. Class A 1.33% 79,798 $2.2M No change
NODK Ni Holdings Inc. filed as NI HLDGS INC 1.18% 129,900 $1.9M No change
UIS Unisys Corp. 1.04% 345,347 $1.7M No change
CTGO Contango Silver & Gold Inc. 0.85% 70,147 $1.4M No change
DORM Dorman Products Inc. 0.74% 12,590 $1.2M Reduce -26.3%
SIF Sifco Industries 0.74% 378,608 $1.2M No change
CECO Ceco Environmental Corp. 0.69% 49,128 $1.1M Reduce -45.5%
MPB Mid Penn Bancorp Inc. 0.63% 51,732 $1.0M No change
FNB FNB Corp. 0.55% 64,075 $903K No change
CFG Citizens Financial Group 0.52% 23,585 $856K No change
VBFC Village Bank and Trust Finan 0.50% 19,745 $822K No change
CZNC Citizens & Northern Corp. 0.49% 42,900 $798K No change
HONE Harborone Bancorp Inc. 0.47% 72,414 $770K New
DGICA Donegal Group Inc. Class A 0.40% 46,490 $656K No change
CLBK Columbia Financial Inc. 0.36% 33,794 $582K No change
FRBA First Bank/Hamilton NJ 0.34% 41,143 $563K No change
ACNT Ascent Industries Co. 0.34% 55,593 $556K No change
ICCH Icc Holdings Inc. filed as ICC HLDGS INC 0.33% 33,367 $534K No change
SSB Southstate Bank Corp. 0.29% 5,661 $481K No change
CPBI Central Plains Bancshares Inc. 0.28% 45,071 $461K Add +53.3%
HBNC Horizon Bancorp Inc. 0.27% 35,052 $449K No change
NWBI Northwest Bancshares Inc. 0.27% 38,000 $443K No change
ECBK Ecb Bancorp Inc. 0.26% 32,365 $418K No change
CZFS Citizens Financial Services 0.23% 7,726 $380K No change
USLM United States Lime & Mineral 0.23% 1,250 $371K Reduce -72.5%
NWFL Norwood Financial Corp. 0.22% 13,681 $367K No change
FCF First Commonwealth Finl Corp. 0.22% 25,560 $355K No change
LSBK Lake Shore Bancorp Inc. 0.21% 30,118 $349K No change
FRME First Merchants Corp. 0.21% 9,875 $344K No change
RMBI Richmond Mutual Bancorporati 0.20% 30,000 $334K No change
CBU Community Financial System I 0.19% 6,618 $317K No change
DLX Deluxe Corp. 0.18% 13,900 $286K No change
EBMT Eagle Bancorp Montana Inc. 0.17% 21,098 $271K No change
FSFG First Savings Financial Grp 0.16% 16,221 $266K No change
PBBK PB Bankshares Inc. 0.16% 20,560 $263K No change
DGICB Donegal Group Inc. Class B 0.14% 17,856 $228K No change
PRA Proassurance Corp. 0.14% 17,234 $222K No change
ASRV Ameriserv Financial Inc. 0.09% 58,200 $150K No change
GSE SYS INC 0.09% 63,914 $148K Reduce -17.4%

Portfolio Sells Q4 2023 → Q1 2024
CECO Ceco Environmental Corp. Reduce -45.5% 0.69% −0.45
CIX Compx International Inc. Sold out 0.00% −0.44
USLM United States Lime & Mineral Reduce -72.5% 0.23% −0.43
DORM Dorman Products Inc. Reduce -26.3% 0.74% −0.15
KEQU Kewaunee Scientific CP Reduce -17.1% 2.99% −0.06
GSE SYS INC Reduce -17.4% 0.09% −0.01
NVGS Navigator Holdings Ltd. Reduce -3.5% 3.13% −0.00
USAP Universal Stainless & Alloy Reduce -0.4% 10.58% +0.87
SCX Starrett (l.s.) Co. Class A Reduce -6.1% 1.43% +0.88
EML The Eastern Co. Reduce -0.6% 10.03% +3.39

Portfolio Buys Q4 2023 → Q1 2024
TG Tredegar Corp. Add +9.4% 5.97% +1.35
GLDD Great Lakes Dredge & Dock Co. Add +2.8% 7.02% +0.90
UFI Unifi Inc. Add +95.6% 2.13% +0.90
RAIL Freightcar America Inc. Add +0.1% 1.84% +0.52
HONE Harborone Bancorp Inc. New 0.47% +0.47
CPBI Central Plains Bancshares Inc. Add +53.3% 0.28% +0.10
PBHC Pathfinder Bancorp Inc. Add +2.2% 1.95% −0.26
CRD.B Crawford & Co. Class B Add +1.9% 1.51% −0.65
VIRC Virco MFG Corporation Add +2.3% 7.50% −0.75
SSP Ew Scripps Co./the-A Add +12.7% 1.71% −1.45

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 46$158.3MEML, TG, INFU, SIF, ESCA
Q1 2026 48$154.9MGLDD, TG, INFU, EML, ESCA
Q4 2025 57$149.7MGLDD, TG, EML, INFU, VIRC
Q3 2025 56$157.5MGLDD, TG, EML, INFU, VIRC
Q2 2025 56$152.6MGLDD, TG, EML, VIRC, ATRO
Q1 2025Amended 55$140.7MEML, TG, GLDD, VIRC, ATRO
Q4 2024 57$171.0MUSAP, GLDD, EML, TG, VIRC
Q3 2024 57$172.6MUSAP, EML, VIRC, GLDD, TG
Q2 2024 57$150.0MVIRC, USAP, EML, GLDD, ATRO
Q1 2024 59$163.3MUSAP, EML, VIRC, GLDD, TG