Although U.S. stocks closed lower on Thursday, 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.

Deluxe

• The Trade: Deluxe Corporation (NYSE:DLX) President and CEO Barry C McCarthy acquired a total of 2,666 shares an average price of $19.25. To acquire these shares, it cost around $51,321.
• What's Happening: On Feb. 1, Deluxe reported upbeat fourth-quarter earnings.
• What Deluxe Does: Deluxe Corporation engaged in providing payment solutions. The company operates in 4 segments. Payments includes merchant in-store, online and mobile payment solutions; treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, payment processing and paperless treasury management; payroll and disbursement services, including Deluxe Payment Exchange; and fraud and security services.

United Fire Group

• The Trade: United Fire Group, Inc. (NASDAQ:UFCS) VP & Chief Risk Officer Micah G Woolstenhulme acquired a total of 1,500 shares at an average price of $21.76. To acquire these shares, it cost around $32,633.
• What's Happening: On March 7, AerSale reported worse-than-expected fourth-quarter financial results.
• What United Fire Group Does: United Fire Group Inc is engaged in the business of writing property and casualty insurance and selling annuities through a network of independent agencies.

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GEO Group

• The Trade: The GEO Group, Inc. (NYSE:GEO) Executive Chairman George C Zoley bought a total of 50,000 shares at an average price of $12.48. To acquire these shares, it cost around $624,025.
• What's Happening: On March 12, Geo Group said that its unit GEO Transport got a five-year contract to provide air operations support services on behalf of U.S. Immigration and Customs Enforcement.
• What GEO Group Does: The GEO Group Inc specializes in detention facilities and community reentry centers.

Armada Hoffler Properties

• The Trade: Armada Hoffler Properties, Inc. (NYSE:AHH) Director George F Allen bought a total of 1,716 shares at an average price of $10.64. The insider spent around $18,258 to buy those shares.
• What's Happening: On March 4, Armada Hoffler said John W. Snow will retire from company's board of directors.
• What Armada Hoffler Properties Does: Armada Hoffler Properties Inc is a real estate company. It engages in developing, building, owning and managing the high-quality, institutional-grade office, retail, and multifamily properties in various markets throughout the Mid-Atlantic and Southeastern United States.