Royal Baby Name Revealed: Kate Middleton, Prince William Welcome Princess Charlotte (Photo)

(Photo: Reuters/Suzanne Plunkett)Britain's Prince William and his wife Catherine, Duchess of Cambridge, appear with their baby daughter outside the Lindo Wing of St Mary's Hospital, in London, Britain May 2, 2015. The Duchess of Cambridge, gave birth to a girl, the couple's second child and a sister to one-year-old Prince George.
(Photo: Reuters/Suzanne Plunkett)Britain's Catherine, Duchess of Cambridge, holds her baby daughter outside the Lindo Wing of St Mary's Hospital, in London, Britain May 2, 2015.
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Kate Middleton and Prince William named their newborn daughter Charlotte Elizabeth Diana following her birth on Saturday, May 2.

"The Duke and Duchess of Cambridge are delighted to announce that they have named their daughter Charlotte Elizabeth Diana," read a tweet from Kensington Palace on Monday. "The baby will be known as Her Royal Highness Princess Charlotte of Cambridge."

The Duchess of Cambridge delivered a baby girl on Saturday morning in the Lindo Wing, a private facility within the NHS St. Mary's Hospital over the weekend. The newborn weighed in 8 pounds, 3 ounces and both mother and baby are said to be doing well.

"Her Royal Highness, The Duchess of Cambridge was safely delivered of a daughter at 8:34 a.m. Her Royal Highness and her child are both doing well," the palace tweeted after the birth.

Shortly after the highly anticipated birth, the Duke, 32, and Duchess, 33, made an appearance outside of St. Mary's where onlookers and paparazzi welcome them with cheers and waves. A smiling Prince George also stepped out alongside his father shortly after having met his younger sister for the first time.

"Charlotte" was an odds-on favorite on betting websites, as were the names "Alice" and "Olivia." The name Elizabeth honors Queen Elizabeth II and Diana honors Prince William's late mother.

"The duke and duchess are hugely grateful for the messages of congratulations they have received from people all over the world. It means a great deal to them that so many people have celebrated the arrival of their new daughter," a statement read. "Their royal highnesses were today visited by the Prince of Wales, the Duchess of Cornwall, Mr. and Mrs. Middleton, and Pippa Middleton."

Middleton had previously shared that she was due in mid-April. The royals did not know the sex of their baby until she was born.

"[It will] be a surprise," William told Obama of his second child's gender while attending an anti-corruption conference at the World Bank in Washington, D.C. last year. "It's going to be a good year, next year."

William previously spoke about adjusting to fatherhood following the birth of George, who turns 3 in July.

"He's a little bit of a rascal, I'll put it that way. He either reminds me of my brother or me when I was younger, I'm not sure ...," William previously told CNN's Max Foster. "The last few weeks for me have been a very different emotional experience, something I never thought I would feel myself. And I find, again it's only been a short period, but a lot of things affect me differently now."

In 2013 Prince George, who has seven godparents, was christened before the royal family at St. James's palace.