3 FTSE 250 bargain shares I’d buy with £3,000!

I have some spare cash that I am looking to invest in UK shares. Now I’m looking for it FTSE 250 stocks for the best cheap stocks money can buy.

Here are three on my radar today. They trade at a low price-to-earnings (P/E) ratio and carrying a dividend yield north of the FTSE 250 average of 3%.

Bank of Georgia Group

Emerging market companies Bank of Georgia It trades at a forward earnings multiple of 4.3 times and has an 8.6% dividend yield. This is the kind of irresistible all-round value I’m looking for.

Banks like these face tough times if the global economy remains cold. In this kind of environment, bad loans can spiral and it can be difficult to turn a profit

That said, I don’t think Bank of Georgia’s low price is enough to reflect its huge long-term earnings potential. Georgia’s low penetration of financial products and rising GDP growth mean that demand for retail banking services will continue to grow. Adjusted pre-tax profits here rocket to nearly 60% annually by 2022.

Renewable Energy Infrastructure Group

I am considering building a stake in a green energy investor Renewable Energy Infrastructure Group, too. It trades at a forward P/E ratio of just 11.2 times and yields a 5.5% dividend.

The cost of building and maintaining wind and solar farms can be prohibitive. And this can take a big bite out of your earnings. But in the long run, I still expect profits here to rise as cleaner energy sources take over from dirty fossil fuels.

I also like this real estate investment trust (REIT) because of its increasing battery storage assets. The volatile nature of renewable energy generation means that the use of energy storage devices is also set to soar in the coming decades.

STV Group

Traditional broadcasters like Scotland STV Group (LSE:STVG) faces significant competition in a number of areas. The streaming giant is like Netflix and Amazon has eaten into audience shares in the new year. They also face competition for views from other media such as video games and the internet.

But I still think this FTSE 250 stock is packed with investment potential. I am generally impressed by the success of the streaming segment which has a growing number of registered users. STV player the platform has just barged over the 5m barrier. This is a full year ahead of schedule.

Seeing figures for free-to-air specialists like STV may get a boost in the short term, too, as people cut their paid subscriptions. Autumn research from ScotPulse revealed that 64% of Scots have cut back, or want to cut back, on video-on-demand (VOD) spending as the cost of living crisis continues.

The company trades at a P/E ratio of 8.8 times for 2023. It also has a dividend yield of 3.6%. I think this number makes Nilai shares brilliant to buy now.