Minerva Advisors LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 8, 2024), Minerva Advisors LLC reported 57 stock positions worth $172.6 million. Its top holding was Universal Stainless & Alloy (USAP) at 9.7% of the portfolio, followed by Eastern (EML, 9.2%) and Virco MFG (VIRC, 8.8%). Compared with Q2 2024, it added to 8 and reduced 9. The biggest buy was Tredegar (TG, shares +3%) and the biggest sale Virco MFG (VIRC, shares −2%).

Most Recent 13F
Q2 2026
Location
BALA CYNWYD, PA
CIK
0001541536
Portfolio Value
$172.6M (Q3 2024)
SEC Filing
0001462390-24-000047 ↗ filed Nov 8, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $163.3M Q1 2024 Q2 2024: $150.0M Q2 2024 Q3 2024: $172.6M $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 57 stocks · $172.6M

USAP Universal Stainless & Alloy 9.74% 435,091 $16.8M Reduce -17.1%
EML The Eastern Co. 9.23% 497,210 $15.9M Reduce -0.4%
VIRC Virco MFG Corporation 8.82% 1,101,689 $15.2M Reduce -1.6%
GLDD Great Lakes Dredge & Dock Co. 8.18% 1,341,807 $14.1M Add +1.5%
TG Tredegar Corp. 7.03% 1,663,107 $12.1M Add +3.4%
ATRO Astronics Corp. 5.21% 463,105 $9.0M No change
ESCA Escalade Inc. 4.36% 537,814 $7.5M No change
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP 3.45% 636,377 $6.0M Add +24.1%
UFI Unifi Inc. 3.45% 810,228 $5.9M Add +11.2%
INFU Infusystem Holdings Inc. 3.28% 846,851 $5.7M No change
NVGS Navigator Holdings Ltd. 2.85% 306,212 $4.9M Reduce -1.7%
RAIL Freightcar America Inc. 2.62% 419,104 $4.5M Reduce -46.7%
PBHC Pathfinder Bancorp Inc. 2.38% 262,204 $4.1M No change
THRY Thryv Holdings Inc. 2.24% 224,829 $3.9M No change
CAC Camden National Corp. 2.14% 89,568 $3.7M No change
KEQU Kewaunee Scientific CP 2.02% 105,182 $3.5M Reduce -2.6%
SGA Saga Communications Inc. Class A 1.90% 230,478 $3.3M Reduce -0.9%
CRD.B Crawford & Co. Class B 1.78% 276,688 $3.1M Add +0.3%
UTMD Utah Medical Products Inc. 1.63% 42,328 $2.8M Add +461.8%
SSP Ew Scripps Co./the-A filed as SCRIPPS E W CO OHIO 1.55% 1,192,441 $2.7M Add +48.5%
NODK Ni Holdings Inc. filed as NI HLDGS INC 1.18% 129,900 $2.0M No change
SIF Sifco Industries 1.14% 423,889 $2.0M Add +12.0%
UIS Unisys Corp. 1.14% 345,347 $2.0M No change
FSTR Foster (lb) Co. Class A 0.95% 79,798 $1.6M No change
MPB Mid Penn Bancorp Inc. 0.89% 51,732 $1.5M No change
VBFC Village Bank and Trust Finan 0.87% 19,745 $1.5M No change
CTGO Contango Silver & Gold Inc. 0.78% 70,147 $1.3M No change
HONE Harborone Bancorp Inc. 0.66% 88,414 $1.1M No change
DORM Dorman Products Inc. 0.56% 8,590 $971K Reduce -31.2%
CFG Citizens Financial Group 0.56% 23,585 $969K No change
FNB FNB Corp. 0.52% 64,075 $904K No change
CZNC Citizens & Northern Corp. 0.49% 42,900 $842K No change
ICCH Icc Holdings Inc. filed as ICC HLDGS INC 0.44% 33,367 $765K No change
DGICA Donegal Group Inc. Class A 0.40% 46,490 $684K No change
FRBA First Bank/Hamilton NJ 0.36% 41,143 $625K No change
CPBI Central Plains Bancshares Inc. 0.36% 49,117 $616K No change
USLM United States Lime & Mineral 0.35% 6,250 $608K No change
CLBK Columbia Financial Inc. 0.33% 33,794 $577K No change
SSB Southstate Bank Corp. 0.32% 5,661 $550K No change
HBNC Horizon Bancorp Inc. 0.32% 35,052 $545K No change
ECBK Ecb Bancorp Inc. 0.30% 36,440 $520K No change
NWBI Northwest Bancshares Inc. 0.29% 38,000 $508K No change
CZFS Citizens Financial Services 0.27% 7,803 $458K No change
FCF First Commonwealth Finl Corp. 0.25% 25,560 $439K No change
LSBK Lake Shore Bancorp Inc. 0.23% 30,118 $404K No change
RMBI Richmond Mutual Bancorporati 0.22% 30,000 $387K No change
FSFG First Savings Financial Grp 0.22% 16,221 $386K No change
CBU Community Financial System I 0.22% 6,618 $384K No change
NWFL Norwood Financial Corp. 0.22% 13,681 $376K No change
FRME First Merchants Corp. 0.21% 9,875 $367K No change
EBMT Eagle Bancorp Montana Inc. 0.19% 21,098 $333K No change
PBBK PB Bankshares Inc. 0.18% 20,560 $318K No change
ACNT Ascent Industries Co. 0.17% 30,415 $293K Reduce -12.9%
DLX Deluxe Corp. 0.16% 13,900 $271K No change
PRA Proassurance Corp. 0.15% 17,234 $259K No change
DGICB Donegal Group Inc. Class B 0.14% 17,856 $234K No change
ASRV Ameriserv Financial Inc. 0.09% 58,200 $152K No change

Portfolio Sells Q2 2024 → Q3 2024

VIRC Virco MFG Corporation Reduce -1.6% 8.82% −1.57
KEQU Kewaunee Scientific CP Reduce -2.6% 2.02% −1.33
NVGS Navigator Holdings Ltd. Reduce -1.7% 2.85% −0.77
SGA Saga Communications Inc. Class A Reduce -0.9% 1.90% −0.51
DORM Dorman Products Inc. Reduce -31.2% 0.56% −0.20
ACNT Ascent Industries Co. Reduce -12.9% 0.17% −0.05
USAP Universal Stainless & Alloy Reduce -17.1% 9.74% +0.19
RAIL Freightcar America Inc. Reduce -46.7% 2.62% +0.81
EML The Eastern Co. Reduce -0.4% 9.23% +0.88

Portfolio Buys Q2 2024 → Q3 2024

TG Tredegar Corp. Add +3.4% 7.03% +1.89
UTMD Utah Medical Products Inc. Add +461.8% 1.63% +1.30
UFI Unifi Inc. Add +11.2% 3.45% +0.59
GLDD Great Lakes Dredge & Dock Co. Add +1.5% 8.18% +0.45
SIF Sifco Industries Add +12.0% 1.14% +0.36
CRD.B Crawford & Co. Class B Add +0.3% 1.78% +0.20
SSP Ew Scripps Co./the-A Add +48.5% 1.55% −0.13
DLHC DLH Holdings Corp. Add +24.1% 3.45% −0.18

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