Her Royal Highness Princess Charlotte of Cambridge

NEW YORK (CBSNEWS.COM) – The Duke and Duchess of Cambridge have chosen a name for their new daughter: Charlotte Elizabeth Diana.

Kensington Palace announced the name Monday, two days after Prince William and Kate welcomed the baby girl. She’ll be known as Her Royal Highness Princess Charlotte of Cambridge.

READ MORE: Philadelphia Fourth Of July Shooting: 2 Police Officers Injured After Shots Fired During Fireworks Show On Ben Franklin Parkway

PHOTOS: Kate & William Welcome Baby Girl 

Charlotte, the feminine form of Charles, is a nod to the newborn’s grandfather, Prince Charles. The middle names honor Queen Elizabeth II, the infant’s great-grandmother, and the late Princess Diana, William’s mother.

Kate gave birth to the baby girl at 8:34 a.m. (3:34 a.m. ET) on Saturday. Prince William was present for the birth. She weighed 8 pounds, 3 ounces, according to the palace, which also said that mother and daughter are doing well.

READ MORE: Philadelphia Mayor Jim Kenney Fed Up With City's Gun Violence Problem, Says He'll Be Happy When He's Not Mayor

The princess is the fifth great-grandchild of Queen Elizabeth II. She is fourth in line to the throne, after her grandfather Charles, her father William and her older brother George.

MORE NEWS: South Jersey Man Recalls Moments After Shots Fired Injuring 2 Police Officers At Wawa Welcome America Fireworks Show In Philadelphia

For more on this story head over to CBSNews.com.