American Express turned in solid quarterly results Friday, increased its dividend, and highlighted record levels of card member spending. However, investors seemed to be shrug off the positives, sending shares down 3% to $316.

American Express shares fell about 3% 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.

American Express Co's Q4 revenue grew 9%, supported by strong spending and higher interest income. EPS matched estimates. Dividend raised by 17%.