I am sorry to say but that is definitely NOT a peony. Peony foliage looks like this:

When they start growing:

When they set buds

Perhaps you have planted them somewhere else?

I appreciate your reply! I've contacted the company. We have a small yard, so this is definitely the spot it was planted.

Post the photo over on "name that plant" and they should give you an ID quickly. I'm wondering if both your peonies died and this is a weed or volunteer that grew in its place. The other one (that has "nothing much visible") should have grown something this year.

I will. Thanks!