Although U.S. stocks closed mixed on Wednesday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

Blackstone

• The Trade: Blackstone Inc. (NYSE:BX) Director Reginald J Brown acquired a total of 2,400 shares an average price of $125.63. To acquire these shares, it cost around $301,500.
• What's Happening: Blackstone recently reported mixed fourth-quarter financial results.
• What Blackstone Does: Blackstone is the world's largest alternative asset managers with $1.001 trillion in total asset under management, including $731.1 billion in fee-earning asset under management, at the end of June 2023.

NorthWestern Energy

• The Trade: NorthWestern Energy Group, Inc. (NASDAQ:NWE) Director Mahvash Yazdi acquired a total of 1,000 shares at an average price of $48.80. To acquire these shares, it cost around $48,800.
• What's Happening: NorthWestern posted upbeat quarterly earnings.
• What NorthWestern Energy Does: NorthWestern Energy Group Inc provides electricity and natural gas services in the Upper Midwest and Northwest of the U.S. in the states of Montana, South Dakota, Nebraska, and Yellowstone National Park.

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Burke & Herbert Financial Services

• The Trade: Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) Director Mark Guthrie Anderson bought a total of 2,400 shares at an average price of $55.35. To acquire these shares, it cost around $132,840.
• What's Happening: Burke & Herbert Financial Services recently announced fourth-quarter results and declared common stock dividend.
• What Burke & Herbert Financial Services Does: Burke & Herbert Financial Services Corp is the bank holding company.