Prince William, Kate name their daughter

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.

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.

Soldiers on horseback have rode out in procession in London to fire gun salutes in honor of Britain's newborn princess.

Dozens of deafening volleys were fired Monday from Hyde Park and the Tower of London to celebrate the princess' birth.

Bookmakers took huge amounts of bets on the name before it was announced, with Alice, Charlotte, Elizabeth, Victoria, Olivia and Diana among the most popular guesses.

William and Kate also waited two days to name their first child, Prince George, in 2013.