Hello, Laura. Do you mean the crown? The crown of the hydrangea tree is usually planted at or below the level of the soil. But I am not sure that THAT is what you are seeing. Can you post a picture to double check?

Do you mean leaf buds or flower buds? It's much too early for this plant to be producing flowers but it should be starting to leaf out nicely. All sorts of variables will influence exactly when this happens, climate and current temperatures being the primary factor, but if the buds are present and green, it should happen soon as George said :-) And you can cut off the old the flowers if you wish. Many gardeners treat this activity as a routine grooming process on various hydrangeas each season. Often they won't fall off on their own and will looky messy if not removed.

Like stated by Springwood it might take years to get the trunk sturdy and should be staked. Although even years from now when the trunk is sturdy the foliage/branches will always flop towards the ground when it blooms.

In my gardens my H. paniculatas start blooming in July, but I am farther north than you and grow different varieties than Pee Gee. Based on experience with a variety of shrubs, you may experience reduced blooms this summer since you transplanted it last year and the shrub may still be settling in and regrowing roots.