We study the entanglement spectrum of noninteracting band insulators, which can be computed from the two-point correlation function, when restricted to one part of the system. In particular, we analyze a type of partitioning of the system that maintains its full translational symmetry, by tracing over a subset of local degrees of freedom, such as sublattice sites or spin orientations. The corresponding single-particle entanglement spectrum is the band structure of an entanglement Hamiltonian in the Brillouin zone. We find that the hallmark of a nontrivial topological phase is a gapless entanglement spectrum with an entanglement Fermi surface. Furthermore, we derive a relation between the entanglement spectrum and the quantum geometry of Bloch states contained in the Fubini-Study metric. The results are illustrated with lattice models of Chern insulators and Z_2 topological insulators.