Chris Jackson/Getty Images
Keisha Hatchett
May 04, 2015 AT 04:58 PM EDT

The Duke and Duchess of Cambridge, Prince William and Kate Middleton, have settled on a name for their princess—Charlotte Elizabeth Diana. The couple confirmed the news in a statement from Kensington Palace.

“The Duke and Duchess of Cambridge are delighted to announce that they have named their daughter Charlotte Elizabeth Diana,” it read. “The baby will be known as Her Royal Highness Princess Charlotte of Cambridge.”

It looks like Prince William and Duchess Kate are paying tribute to multiple members of the royal family: Charlotte after William’s father, Prince Charles; Elizabeth after his grandmother, Queen Elizabeth II; and Diana after his late mother, Princess Diana.

Per People, the latest addition  to the royal family was born on Saturday, May 2, at 8:34 a.m. and weighed 8 lbs., 3oz. Her birth was announced via an unofficial Town Crier in London.

Princess Charlotte is fourth in line from the throne, behind Charles, William, and her older brother, Prince George

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