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In what could be a summer filled with volatility and anxiety over the eurozone financial crisis, both conservative and income investors should take a look at the following stocks. Not only do they carry 4% yields, but they are considered to be very affordable, with P/E ratios under 24.

American Electric Power Company (NYSE:AEP): Founded in 1906 and based in Columbus, Ohio, AEP currently trades in a 52-week range of $33.09/share (52-week low) and $41.98/share (52-week high). AEP currently yields 4.8% ($1.88) and trades at a P/E ratio of 9.70. Investors looking to establish a position in AEP should do so from an income-based standpoint, because the company has been pretty flat in terms of earnings announcements over the last four quarters.

American Software, Inc. (NASDAQ:AMSWA): Founded in 1970 and based in Atlanta, Ga., AMSWA currently trades in a 52-week range of $5.91/share (52-week low) and $9.84/share (52-week high). AMSWA currently yields 4.4% ($0.36) and trades at a P/E ratio of 21.57. Investors looking to establish a position in AMSWA should do so from both an income-based standpoint and an earnings standpoint, because the company has been pretty impressive over the last four quarters in terms of surpassing Street estimates.

Anworth Mortgage Asset Corporation (NYSE:ANH): Founded in 1997 and based in Santa Monica, Calif., ANH currently trades in a 52-week range of $5.63/share (52-week low) and $7.74/share (52-week high). ANH currently yields 12.4% ($0.84) and trades at a P/E ratio of 7.97. Investors looking to establish a position in ANH should do so from an income-based standpoint, because the company has missed earnings estimates over the last four quarters.

Avon Products (NYSE:AVP): Founded in 1886 and based in New York, N.Y., AVP currently trades in a 52-week range of $15.60/share (52-week low) and $28.96/share (52-week high). AVP currently yields 5.8% ($0.92) and trades at a P/E ratio of 17.16. Investors looking to establish a position in AVP should do so from an income-based standpoint, because the company has missed earnings by an average of 26.8% over the last four quarters.

Big 5 Sporting Goods (NASDAQ:BGFV): Founded in 1955 and based in El Segundo, Calif., BGFV currently trades in a 52-week range of $5.34/share (52-week low) and $11.59/share (52-week high). BGFV currently yields 4.7% ($0.30) and trades at a P/E ratio of 15.06. Investors looking to establish a position in BGFV should do so from an income-based standpoint, because the company has missed earnings estimates over the last two quarters by very wide margins.

B&G Foods, Inc. (NYSE:BGS): Founded in 1996 and based in Parsippany, N.J., BGS currently trades in a 52-week range of $15.29/share (52-week low) and $25.64/share (52-week high). BGS currently yields 4.3% ($1.08) and trades at a P/E ratio of 23.02. Investors looking to establish a position in BGS should do so from an income-based and earnings-based standpoint, because the company has been in line with earnings estimates over the last three quarters.

Bristol-Myers Squibb (NYSE:BMY): Founded in 1887 and based in New York, N.Y., BMY currently trades in a 52-week range of $25.69/share (52-week low) and $35.44/share (52-week high). BMY currently yields 4.0% ($1.36) and trades at a P/E ratio of 15.35. Investors looking to establish a position in BMY should do so from an income-based and growth-based standpoint, because the company has surpassed earnings estimates in three of the last four quarters.

Cherokee, Inc. (NASDAQ:CHKE): Founded in 1988 and based in Van Nuys, Calif., CHKE currently trades in a 52-week range of $10.15/share (52-week low) and $17.45/share (52-week high). CHKE currently yields 6.7% ($0.80) and trades at a P/E ratio of 15.93. Investors looking to establish a position in CHKE should do so from an income-based standpoint, because EPS has fallen year over year in the last three comparable quarters.

Source: 8 Very Affordable Stocks Yielding At Least 4%