If this palm was recently transplanted it could be stress or if light levels have changed it may be due to that in shade fronds stretch longer and then grow shorter in sun if it's an established Palm without trees cutdown near by that could change the light exposure my guess is fertility use a quality fertilizer I use "Palm gain" it comes in bags from Home Depot or Amazon it's the only one I use on my potted palms

Thanks for the reply, BMW. This palm was planted almost 3 years ago and has done very well until recently. The light conditions have not changed. Nothing has changed. There has been plenty of rain and irrigation. I fertilize regularly with a quality fertilizer that is recommended by a local fertilizer store. The fronds are abnormally short but are not discolored or frizzled. Toward the base of the short fronds, a few of the leaves are creased like an accordion. I'm not sure what to make of this and am hoping it will just grow out of it.

I would allow it to grow and watch it. a flattened stem is know botanically as fasciation or fasciated stem and is not uncommon in many plants sometimes they grow out sometimes they don't it's a beautiful tree either way all my palms are grown in pots and brought indoors for winter

It looks fine. The fronds are probably the perfect size. Not stretched out. Great color too.

Where are you located? The symptoms sound like the start of frizzle top. It's common in Florida but can be fixed early with manganese sulfate. Note that manganese, not magnesium. It's sold at Lowe's or Home Depot in larger bags.