American Express Co. (NYSE:AXP), currently trading near its 52-week high at $319.42, has announced the issuance of $3 billion in new notes, according to a recent SEC filing. The financial services giant,

"2024 was another strong year for American Express," CEO Stephen J. Squeri said in a statement. "We exited the year with increased momentum, with billings growth accelerating to 8 percent in the fourth quarter, driven by stronger spending from our consumer and commercial customers during the holiday season."

American Express Co. profits increased 12% as well-heeled consumers spent more than analysts expected on their credit cards over the holidays, a tailwind the firm said it expects will continue.

American Express shares fell 1.4% Friday after the company reported earnings and gave an outlook that disappointed some investors. The credit card company logged net income of $2.17 billion, or $3.04 a share,

At about $313 per share (as of Jan. 17), American Express at least deserves a closer look from investors. But its valuation has gotten richer, with the stock trading at a price-to-earnings ratio of 23. That's 42% more expensive than just 12 months ago. The market has become bullish about its prospects as we look to the near term.