Matt, that behavior is not at all normal.

Next time you measure, use the alternator case for a ground reference, just to be certain it isn't voltage drop across the ground wiring. Then check the regulator mounting screws to be sure they are tight and ensuring good contact between the regulator grounding ring and alternator housing.

14.4 should be as high as you ever see it, and then only when cold.
--
Art Benstein near Baltimore

Mechanics are often working with their hands in an area they cannot see, much like cleaning up after #2.