Way TOO high! The BLACK wire form your Reg/Rec is plugged into where? Wherever it is, with the bike running, measure the voltage at that connection compared to what you get at the battery. I suspect that the BLACK ignition wire is showing a very significant drop (perhaps only reading 11.x volts and thus the REG/REC is sending way more voltage to the battery.
Understand the BLACK Reg/Rec "meters" how much voltage to allow the battery to receive. If the battery is at 13.2v, but the BLACK wire sees 11.4v, then the R/R will send voltage based upon 11.4v and overcharge your battery. Riffman is having a similar issue but he's only off by 0.5v. You're off by 2+v! That will cook your battery in no time.
Time to start maintenance on your harness, Buddy. Every connection, every connector, every ground, needs to be spotless and clean. And you need to use your meter to trade voltage across the RED and BLACK circuits of your bike. Until you get them almost dead equal, and limit the charge to your battery to 14.8v do NOT ride your bike.