Diamond defect centers are promising solid state magnetometers. Single centers allow for high spatial resolution field imaging but are limited in their magnetic field sensitivity to around 10 nT/Hz^(1/2) at room-temperature. Using defect center ensembles sensitivity can be scaled as N^(1/2) when N is the number of defects. In the present work we use an ensemble of 1e11 defect centers for sensing. By carefully eliminating all noise sources like laser intensity fluctuations, microwave amplitude and phase noise we achieve a photon shot noise limited field sensitivity of 0.9 pT/Hz^(1/2) at room-temperature with an effective sensor volume of 8.5e-4 mm^3. The smallest field we measured with our device is 100 fT. While this denotes the best diamond magnetometer sensitivity so far, further improvements using decoupling sequences and material optimization could lead to fT/Hz^(1/2) sensitivity.