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.

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.

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.

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