The first-tone lōu is a sweeping pull toward yourself: raking leaves or hay, hitching up a gown, and the figurative 搂钱 (to rake in money, often shadily). For the affectionate 'hug' use the lǒu reading.
娄 supplies the sound, standalone lóu drifting to lǒu under the tone shift typical of derived verbs. The same phonetic appears in 楼 (building), 篓 (basket), 数, giving a useful sound family.