Minerva Advisors LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 4, 2025), Minerva Advisors LLC reported 57 stock positions worth $171.0 million. Its top holding was Universal Stainless & Alloy (USAP) at 10.1% of the portfolio, followed by Great Lakes Dredge & Dock (GLDD, 8.8%) and Eastern (EML, 7.8%). Compared with Q3 2024, it added to 7 and reduced 6. The biggest buy was Kewaunee Scientific CP (KEQU, shares +4%) and the biggest sale Freightcar America (RAIL, shares −48%).

Most Recent 13F
Q2 2026
Location
BALA CYNWYD, PA
CIK
0001541536
Portfolio Value
$171.0M (Q4 2024)
SEC Filing
0001462390-25-000003 ↗ filed Feb 4, 2025

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 Q3 2024 Q4 2024: $171.0M $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 · $171.0M

USAP Universal Stainless & Alloy 10.09% 391,487 $17.2M Reduce -10.0%
GLDD Great Lakes Dredge & Dock Co. 8.85% 1,341,807 $15.1M No change
EML The Eastern Co. 7.78% 500,978 $13.3M Add +0.8%
TG Tredegar Corp. 7.44% 1,657,107 $12.7M Reduce -0.4%
VIRC Virco MFG Corporation 6.94% 1,162,589 $11.9M Add +5.5%
ESCA Escalade Inc. 4.49% 537,814 $7.7M No change
ATRO Astronics Corp. 4.32% 463,105 $7.4M No change
INFU Infusystem Holdings Inc. 4.15% 846,851 $7.1M No change
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP 3.98% 847,592 $6.8M Add +33.2%
KEQU Kewaunee Scientific CP 3.90% 109,493 $6.7M Add +4.1%
UFI Unifi Inc. 3.13% 855,241 $5.3M Add +5.6%
UTMD Utah Medical Products Inc. 2.82% 78,389 $4.8M Add +85.2%
NVGS Navigator Holdings Ltd. 2.75% 306,212 $4.7M No change
PBHC Pathfinder Bancorp Inc. 2.61% 262,204 $4.5M No change
CAC Camden National Corp. 2.23% 89,568 $3.8M No change
THRY Thryv Holdings Inc. 1.94% 223,829 $3.3M Reduce -0.4%
CRD.B Crawford & Co. Class B 1.82% 276,688 $3.1M No change
SSP Ew Scripps Co./the-A filed as SCRIPPS E W CO OHIO 1.52% 1,167,842 $2.6M Reduce -2.1%
SGA Saga Communications Inc. Class A 1.46% 226,688 $2.5M Reduce -1.6%
UIS Unisys Corp. 1.28% 345,347 $2.2M No change
FSTR Foster (lb) Co. Class A 1.26% 79,798 $2.1M No change
NODK Ni Holdings Inc. filed as NI HLDGS INC 1.19% 129,900 $2.0M No change
RAIL Freightcar America Inc. 1.14% 219,005 $2.0M Reduce -47.7%
SIF Sifco Industries 1.03% 466,751 $1.8M Add +10.1%
VBFC Village Bank and Trust Finan 0.90% 19,745 $1.5M No change
MPB Mid Penn Bancorp Inc. 0.87% 51,732 $1.5M No change
DORM Dorman Products Inc. 0.65% 8,590 $1.1M No change
HONE Harborone Bancorp Inc. 0.61% 88,414 $1.0M No change
CFG Citizens Financial Group 0.60% 23,585 $1.0M No change
FNB FNB Corp. 0.55% 64,075 $947K No change
USLM United States Lime & Mineral 0.49% 6,250 $830K No change
CZNC Citizens & Northern Corp. 0.47% 42,900 $795K No change
ICCH Icc Holdings Inc. filed as ICC HLDGS INC 0.45% 33,367 $776K No change
CPBI Central Plains Bancshares Inc. 0.43% 49,117 $730K No change
DGICA Donegal Group Inc. Class A 0.42% 46,490 $718K No change
CTGO Contango Silver & Gold Inc. 0.41% 70,147 $703K No change
FRBA First Bank/Hamilton NJ 0.34% 41,143 $579K No change
HBNC Horizon Bancorp Inc. 0.33% 35,052 $565K No change
SSB Southstate Bank Corp. 0.33% 5,661 $563K No change
ECBK Ecb Bancorp Inc. 0.32% 36,440 $540K No change
CLBK Columbia Financial Inc. 0.31% 33,794 $534K No change
NWBI Northwest Bancshares Inc. 0.29% 38,000 $501K No change
CZFS Citizens Financial Services 0.29% 7,803 $494K No change
FCF First Commonwealth Finl Corp. 0.25% 25,560 $432K No change
FSFG First Savings Financial Grp 0.25% 16,221 $431K No change
RMBI Richmond Mutual Bancorporati 0.25% 30,000 $425K No change
LSBK Lake Shore Bancorp Inc. 0.24% 30,118 $413K No change
CBU Community Financial System I 0.24% 6,618 $408K No change
FRME First Merchants Corp. 0.23% 9,875 $394K No change
NWFL Norwood Financial Corp. 0.22% 13,681 $370K No change
ACNT Ascent Industries Co. 0.20% 30,415 $340K No change
EBMT Eagle Bancorp Montana Inc. 0.19% 21,098 $323K No change
DLX Deluxe Corp. 0.18% 13,900 $314K No change
PBBK PB Bankshares Inc. 0.18% 20,560 $313K No change
PRA Proassurance Corp. 0.16% 17,234 $274K No change
DGICB Donegal Group Inc. Class B 0.15% 17,856 $252K No change
ASRV Ameriserv Financial Inc. 0.09% 58,200 $152K No change

Portfolio Sells Q3 2024 → Q4 2024

RAIL Freightcar America Inc. Reduce -47.7% 1.14% −1.48
SGA Saga Communications Inc. Class A Reduce -1.6% 1.46% −0.44
THRY Thryv Holdings Inc. Reduce -0.4% 1.94% −0.30
SSP Ew Scripps Co./the-A Reduce -2.1% 1.52% −0.03
USAP Universal Stainless & Alloy Reduce -10.0% 10.09% +0.35
TG Tredegar Corp. Reduce -0.4% 7.44% +0.42

Portfolio Buys Q3 2024 → Q4 2024

KEQU Kewaunee Scientific CP Add +4.1% 3.90% +1.88
UTMD Utah Medical Products Inc. Add +85.2% 2.82% +1.19
DLHC DLH Holdings Corp. Add +33.2% 3.98% +0.53
SIF Sifco Industries Add +10.1% 1.03% −0.12
UFI Unifi Inc. Add +5.6% 3.13% −0.32
EML The Eastern Co. Add +0.8% 7.78% −1.45
VIRC Virco MFG Corporation Add +5.5% 6.94% −1.87

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