Voltage Regulator Malfunction???

So I was being proactive and while the 318 in my 68 Barracuda was warming up, I stuck a voltmeter on the battery terminals. I was showing 15.06 - 15.13 volts. Pretty sure that’s too high. Shouldn’t it be more like 14.2 volts? I don’t want to cook a battery - they’re getting pretty spendy nowadays.

Located my voltage regulator but it doesn’t look like what I was expecting. Is this some sort of solid state replacement for the big brick I was expecting? What should I be looking for as a replacement? This thing only has the two wires going to it.
Appreciate any advice! Thanks.
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